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Trump Announces "Gold Will Not Be Tariffed"
(MENAFN) U.S. President Donald Trump announced Monday that gold will not face import tariffs, triggering a swift decline in gold futures that had surged on prior speculation.
"Gold will not be Tariffed!" Trump wrote in a brief post on Truth Social.
The clarification ended days of market uncertainty. Last week, gold futures prices climbed sharply amid rumors that U.S. Customs and Border Protection might begin classifying 1-kilo and 100-ounce gold bars under a tariff-eligible customs code.
However, the market reversed course Monday. Gold futures for August delivery on the New York Mercantile Exchange fell by more than 2%, erasing recent gains tied to tariff fears.
The retreat came despite a recent U.S. move to impose 39% tariffs on a range of goods from Switzerland—a major hub for gold refining and trading, and a key player in fulfilling gold futures contracts worldwide.
"Gold will not be Tariffed!" Trump wrote in a brief post on Truth Social.
The clarification ended days of market uncertainty. Last week, gold futures prices climbed sharply amid rumors that U.S. Customs and Border Protection might begin classifying 1-kilo and 100-ounce gold bars under a tariff-eligible customs code.
However, the market reversed course Monday. Gold futures for August delivery on the New York Mercantile Exchange fell by more than 2%, erasing recent gains tied to tariff fears.
The retreat came despite a recent U.S. move to impose 39% tariffs on a range of goods from Switzerland—a major hub for gold refining and trading, and a key player in fulfilling gold futures contracts worldwide.
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