Prices of gold descend from peak levels following Trump's confirmation that tariffs won't be imposed on gold imports.

The gold market has experienced a rollercoaster ride in recent days, with uncertainty surrounding potential U.S. tariffs on gold deliveries causing waves. However, President Donald Trump's recent clarification on his Truth Social media platform has brought some much-needed clarity.

Trump confirmed on Monday that gold will not be tariffed, a statement that helped U.S. gold futures to dip 2.4% on Monday, settling at $3,407. This announcement followed a week of turmoil, during which gold futures hit a record of $3,534.10 on Friday, after news regarding a potential customs ruling was first reported.

The confusion over tariffs on gold bars had caused a stir in the gold market, with Switzerland, the world's leading hub for gold refining and transit, being one of the most affected countries. Analysts noted that a U.S. tariff on gold deliveries could significantly impact Switzerland, given that Swiss goods are subject to U.S. import tariffs of 39%.

The Swiss Precious Metals Association raised concerns about the impact of the tariffs on the gold industry, and they are in active dialogue with stakeholders on the subject. Switzerland is currently negotiating with the U.S. about reducing the levies on its goods.

The ruling on the U.S. Customs and Border Protection Service's website had contributed to the rise in gold futures, as markets reacted to its potential impact on the U.S. role in the gold futures market. The spread between U.S. gold futures and spot prices widened, currently sitting at $100, reflecting the market's anticipation of tariffs.

However, Ross Norman, an independent gold market analyst, expressed relief at the news that the potential for disruption in the bullion markets had been averted. Spot gold prices eased to $3,394 per ounce but are up 0.9% for the week.

The White House was also reportedly preparing an executive order to clarify misinformation about tariffs on gold bars and other products. The identity of the person who prepared this order remains unknown.

West Point Gold CEO Quentin Mai discussed the record-setting gold prices and the strength of the U.S. Dollar on 'Varney & Co.' Despite the recent dip in gold futures, the gold market continues to be a topic of interest and discussion among investors and analysts.

Reuters contributed to this report.