U.S. President Donald Trump on Monday said he would not impose tariffs on gold, a move welcomed by global bullion markets and which ended days of speculation that the yellow metal could be caught up in the ongoing global trade spat.

President Donald Trump said Monday imports of gold will not face US tariffs, weighing in after a federal ruling caused chaos and confusion in global bullion markets.“Gold will not be Tariffed!” Trump posted on social media.

The White House said last week it was preparing an executive order to "clarify misinformation" regarding tariffs on gold bars.