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.

U.S. gold futures surged to a record on Friday after reports that Washington imposed tariffs on imports of 1 kg bullion bars, widening the spread between New York futures and spot prices. December U.S.

The price of gold fell by the most in three months as investors bet that a tariff on bullion entering the U.S. was less likely. The front-month gold futures contract on the NYMEX exchange fell 2.1% to $3,