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.

The White House said last week it was preparing an executive order to "clarify misinformation" regarding tariffs on gold bars.

The White House previously said they would issue an executive order clarifying tariff levels on the precious metal this week.