Gold held losses after President Donald Trump said imports of bullion won’t be subject to US tariffs, further stabilizing the global bullion market after a federal ruling threw it into chaos and confusion.

President Trump said Monday that "gold will not be tariffed," but did not provide further details, weighing in after a ruling by U.S. customs officials caused chaos and confusion in global bullion markets late last week.

After some back-and-forth over whether gold bullion imports into the United States would be hit with tariffs, the Trump administration confirmed yesterday that they will not be. In response, spot gold fell 1.