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New York, NY--Global bullion markets eased on Monday, August 11, after U.S. President Donald Trump said gold would not face import tariffs, according to Reuters.

[Image via iStockphoto.com]

In a post on his social media account, Trump wrote, "Gold will not be Tariffed!" without providing further details. The statement ended speculation that began Friday when U.S. Customs and Border Protection published a ruling suggesting the United States might impose country-specific tariffs on widely traded gold bullion bars.

A White House official told Reuters last week that the administration was preparing an executive order to "clarify misinformation" regarding possible tariffs on gold and other specialty products.

Such a measure would have been particularly significant for Switzerland, a major refining and transit hub for gold. "Delighted to hear the crisis has been averted," independent gold market analyst Ross Norman told Reuters. "It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable."

Following Trump's statement, U.S. gold futures fell 2.4% to $3,407 per ounce, narrowing the premium over spot gold, which declined 1.2% to $3,357, the report noted.

Check out the report by Reuters here.