Overview

• President Trump declared “Gold will not be Tariffed!” on Truth Social, overriding a CBP ruling that one-kilogram and 100-ounce gold bars could face country-specific duties.
• U.S. gold futures fell about 2.4% and spot prices dropped 1.2% after the exemption reassured investors.
• As of Monday afternoon, no updated guidance had been posted by CBP or other agencies, underscoring coordination gaps in the administration’s tariff rollout.
• A White House official told Reuters an executive order is being drafted to formalize the exemption and clarify treatment of specialty goods.
• Switzerland’s refineries, which faced a 39% duty threat, were spared from potential disruptions to global bullion flows.