The President said in a post on Truth Social that the precious metal will not be subjected to tariffs.
President Donald Trump on Monday dismissed speculation that gold would face tariffs, after the chatter helped push gold futures to a record high last week.
“Gold will not be tariffed,” Trump wrote in a post on Truth Social. The post comes after the White House said that an executive order would be issued to clarify any “misinformation” around the tariff on gold bars and other other products on Friday.
However, no formal policy had yet been posted by U.S. agencies or by the White House as of Monday afternoon.
Confusion ensued last week after the Financial Times reported that documents from the U.S. Customs and Border Protection agency said one-kilo and 100-ounce gold bars should be classified under a customs code subject to levies. Following the report, gold futures hit a record high of $3,534 on Friday.
On Monday, gold futures fell more than 2.4% in afternoon trade, and spot gold prices were down 1.2%. The SPDR Gold Trust (GLD) also dropped 1.26%. On Stocktwits, retail sentiment around XAU/USD fell to ‘bearish’ from ‘bullish’ territory a week ago.
If the Customs and Border Protection ruling had stayed in place, it would have resulted in far-reaching implications for the precious metal around the world. Gold’s role as a financial asset and global currency makes it markedly different from other commodities, such as copper, that have been impacted by Trump’s tariffs.
Gold has had a volatile run this year as demand for the safe-haven asset has ebbed and flowed with Trump’s tariff announcements. Gold prices have gained 27% in 2025 and more than 38% over the past 12 months.
Read also: Trump Declares ‘Liberation Day’ in DC, Pushes Takeover Of City Police
For updates and corrections, email newsroom[at]stocktwits[dot]com.<