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.

Futures of the yellow metal posted a new record following a report that the U.S. had slapped tariffs on imports of one-kilo gold bars.