New Delhi, Aug. 12 -- S President Donald Trump announced on Monday (August 11) that imported gold bars would not be subject to tariffs, easing recent concerns that had driven gold prices to record highs. The statement, shared via his social media account, offered no further details but helped ease market anxieties.

Following Trump's announcement, US gold futures for December delivery fell sharply, settling 2.5% lower at $3,404.70 an ounce. Spot gold also dropped 1.2%, trading at $3,358.33 as of early afternoon (1:52 p.m. ET). Other precious metals showed mixed movement: silver declined 1.4% to $37.78, platinum dipped 0.4% to $1,326.09, while palladium rose 2.1% to $1,149.25.

Concerns about potential tariffs on gold bullion bars arose la...