Gold held a loss after President Donald Trump said imports of bullion won’t be subject to US tariffs, although traders were still waiting for formal clarification over the policy following a federal ruling last week that sowed chaos and confusion across the market.

President Donald Trump said Monday in a Truth Social post that there will be no tariffs on gold after last week's wild gold market and Homeland Security ruling.

Gold prices fell on Monday after President Donald Trump said tariffs will not be placed on imported gold bars, while investors awaited a U.S. inflation report that could provide an indication of the Federal Reserve's rate outlook.