U.S. President Donald Trump on Monday said he would not impose tariffs on gold, a move welcomed by global bullion markets and which ended days of speculation that the yellow metal could be caught up in the ongoing global trade spat.

The White House said last week it was preparing an executive order to "clarify misinformation" regarding tariffs on gold bars.

Gold will not be Tariffed,” President Donald Trump wrote on Truth Social. The news comes after gold hit a record high on Friday. But that same day, the U.S. Customs and Border