Aug. 11 (UPI) -- President Donald Trump said Monday in a Truth Social post that there will be no tariffs on gold.

The post said : "A Statement from Donald J. Trump , President of the United States of America: Gold will not be tariffed!"

He did not elaborate further.

Gold futures closed 2.48% lower at $3,404.70 per ounce after the announcement, CNBC reported .

The precious metal hit a record high Friday, after U.S. Customs and Border Protection ruled that 1 kilogram and 100 ounce gold bars from Switzerland would face Trump's 39% tariff against the country.

These gold bars are used to back contracts on The Commodity Exchange, or COMEX. The exchange is the main futures market for gold, silver and other metals.

The ruling would have applied to any country exporting gold bars t

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