Gold futures retreat from peak levels as White House prepares to clarify bullion tariffs.

Gold futures climbed to a record high on Friday after a report that the United States had imposed tariffs on imports of 1-kg gold bars, while spot gold stayed on track for a second straight weekly gain amid tariff turmoil and expectations of U.S. interest rate cuts.

Gold prices retreated from a record high Friday after the White House announced it would clarify “misinformation” regarding tariffs on the precious metal.

“The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,” a White House official stated.

Gold futures dropped from an all-time closing high of $3,491.30 following the White House announcement. The precious metal was last trading at $3,463.30.

The Swiss Precious Metals Association expressed concerns earlier Friday that U.S. tariffs “may negatively impact the international flow of physical gold.” Christoph Wild, president of the association, stated, “We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing partner for Switzerland.”

President Donald Trump has imposed a 39% tariff on Swiss exports to the U.S. U.S. Customs and Border Protection clarified this week that 1 kilogram and 100-ounce gold bars are not exempt from the tariffs. Switzerland is the largest refiner of gold in the world.

“It must be noted that this clarification does not apply exclusively to Switzerland but to all 1kg and 100oz gold cast bars imported into the USA from any country,” the Swiss Precious Metals Association added.