U.S. gold futures fall, traders wait for clarity on tariffs.

The price of gold in New York fell, after the White House indicated that tariffs should not be imposed on imported gold bars. The news of the tariffs had shocked the market last week, causing futures prices to skyrocket to record highs. On Monday, futures prices were reported to be below $3,400 per ounce. The Trump administration stated that it will clarify the "misinformation" regarding tariffs on certain gold bars and other specialty products. This alleviated the price surge from Friday. A ruling by the US Customs and Border Protection that some gold bars would face import tariffs caused market turbulence, leading to Comex gold futures prices temporarily being more than $100 higher than the London spot benchmark. On Monday, the price difference narrowed to about $50.