Daijiworld Media Network – New Delhi

New Delhi, Aug 12: Gold prices dipped on the global market after US President Donald Trump declared on Truth Social that “Gold will not be tariffed!” on Monday, easing earlier confusion over potential import duties.

The uncertainty began when US Customs and Border Protection issued a public letter stating that gold bars of one kilogram and 100 ounces (about 2.8 kg) would be subject to levies, including a 39% duty on goods imported from Switzerland. The clarification came after a Swiss gold refiner raised queries about the tariffs, leading markets to believe gold could be impacted.

Following Trump’s statement, gold corrected by $50 and closed at $3,399. The spread between spot gold and COMEX gold narrowed to around $45, with spot gold trading at $3,355 and COMEX at $3,400.

In India, prices also fell sharply, with the yellow metal dropping over Rs 2,000 in a single day to Rs 100,540 as of 7:15 am, according to the India Bullion Association. October 5 futures slipped over 1.30% to Rs 100,389 by 7:20 am.