Gold futures are down by 2.5%, heading for their biggest one-day drop since May, after President Trump announced that the precious metal would not face tariffs.
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On Friday, reports circulated that the Trump administration would impose tariffs on imports of 1-kilogram and 100-ounce gold bars, sending gold futures to an all-time high of $3,534. However, the White House later suggested that these reports were false.
“The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,” a White House official told CNBC.
Gold Falls on Trump’s Tariff Announcement and U.S.-Russia Meeting
“A Statement from Donald J. Trump, President of the United States of America: Gold will not be Tariffed!” said Trump in a Truth Social post on Monday.
Gold prices could also be declining amid ceasefire progress in the Russia-Ukraine conflict, given the metal’s status as a safe-haven asset. Over the weekend, Trump announced that he would meet with Russian President Vladimir Putin in Alaska this upcoming Friday.
Spot gold (XAUUSD) is down by 1.66% at the time of writing.
