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.

Some of the most widely used types of gold bars would be subject to U.S. tariffs, customs agency officials ruled, a particular blow to Switzerland’s large gold refining industry.

A Trump administration ruling that gold bars will be subject to tariffs stunned traders who had assumed they would be exempted, throwing bullion markets into turmoil.