US President Donald Trump announced that gold imports would not face extra tariffs, relieving global bullion markets after confusion caused by a US Customs letter. Trump’s statement on Truth Social clarified concerns raised by a letter hinting at duties on standard gold bars, particularly one-kilo bars that make up a significant part of Switzerland’s exports. The development led to a price surge, with gold futures hitting record highs. The reassurance from Trump resulted in a drop in futures prices, easing fears of disruption in the gold supply chain.