President Donald Trump said Monday that gold will not face tariffs, knocking down a ruling by U.S. customs officials that bars of the precious metal imported from Switzerland would face duties.

"Gold will not be Tariffed!" Trump said in a Truth Social post . Gold futures closed 2.48% lower at $3,404.70 per ounce after the announcement.

The precious metal hit a record high Friday, after U.S. Customs and Border Protection ruled that 1 kilogram and 100 ounce gold cast bars from Switzerland were subject to Trump's 39% tariffs on imports from the country.

Gold bars of this type are used to back contracts on The Commodity Exchange or COMEX, the main futures market for gold, silver and other metals.

The ruling would have applied not just to Switzerland but to any country exporti

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