Gold futures are retreating from an all-time high after the White House clarified that imports of gold bars will not face tariffs after all.

A July 31 report from U.S. Customs and Border Protection indicated that one-kilogram and 100-ounce gold bars would be affected by new levies. That included a new 39% tariff on Switzerland, a large gold exporter.

The news sent commodity investors scrambling, with December gold prices rising to a record $3,534.10 per ounce, per the Financial Times. On the revelation, a White House official told Bloomberg that they planned to clarify that imports of gold bars will not face tariffs.

That same official called it "misinformation about the tariffing of gold and other specialty products." The White House is expected to post the executive order in "the ne

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