This is the second gold tariff scare. The first one occurred after the election. The difference is that, then, there was time to import gold to deliver.

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

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.