President Donald Trump on Monday insisted that gold will not be subject to tariffs, reversing a decision by US customs officials that had previously ruled that gold bars from Switzerland would be subject to duties.
In a statement on Truth Social, Trump said that gold would not be subject to tariffs. However, XAU/USD closed 2.48% lower at $3,404.70 per ounce following the announcement.
The precious metal had previously hit a new high on Friday after US Customs and Border Protection ruled that 1kg, 100-ounce gold bars from Switzerland would be subject to a 39% tariff under Trump’s policy on imports from the country.
However, the ruling applies to countries that export gold bars to the US, with tariffs being levied at the normal rate.
The Swiss Precious Metals Association warned that the customs rules could affect the international flow of physical gold.
