A Trump administration ruling that gold bars will be subject to tariffs stunned traders who had assumed they would be exempted, throwing bullion markets into turmoil.

Futures in New York, which are backed by bars shipped from Switzerland and other key trading and refining hubs, surged overnight to a record. They later erased those gains after an official said Friday that the White House intends to issue an executive order to clarify what that person described as misinformation.

Traders, analysts and executives across the industry had understood the bars would be exempt from reciprocal tariffs enacted by President Trump, such as a 39% levy on Swiss goods. But when a gold refiner in Switzerland asked about it, U.S. Customs and Border Protection clarified that one-kilogram and 100-ounce gol

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