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 in a Truth Social post that there will be no tariffs on gold after last week's wild gold market and Homeland Security ruling.

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