Trump assures gold bars will not face tariffs after US customs ruling rocked markets: ‘Crisis averted'

Group 1 - President Trump announced that gold bars will not be subject to tariffs, alleviating concerns in the global bullion markets [1][3] - Following Trump's announcement, US spot gold prices fell by 1.2% to $3,357 per ounce, while gold futures dropped by 2.4% to $3,407 after reaching a record high above $3,500 [1][9] - The potential imposition of tariffs on gold could have significantly disrupted global supply chains and increased prices for the metal [4][6] Group 2 - The White House plans to issue an executive order to clarify misinformation regarding the tariffing of gold bars [3] - The Swiss Precious Metal Association indicated that tariffs on gold would negatively impact the international flow of physical gold, particularly affecting Switzerland as a major refining hub [6] - Shares of major US gold producers, Barrick Mining and Newmont, experienced declines of 2.8% and a slight decrease to $68.87, respectively, following the tariff concerns [6]