Gold held a loss after President Donald Trump said imports of bullion won’t be subject to US tariffs, although traders were still waiting for formal clarification over the policy following a federal ruling last week that sowed chaos and confusion across the market.

President Donald Trump said Monday in a Truth Social post that there will be no tariffs on gold after last week's wild gold market and Homeland Security ruling.

The uncertainty began last week when the US Customs and Border Protection (CBP) agency posted a ruling on its official website suggesting the possibility of country-specific import tariffs on standard one-kilo and 100-ounce gold bars.