A shock US ruling suggesting that gold would be subject to tariffs sent the global gold market into chaos. Gold futures in New York soared to a record after the announcement, but quickly tumbled after the Trump administration suggested imports of gold bars wouldn’t face tariffs. The confusion triggered wild gyrations in markets due to President Donald Trump’s trade war tactics. The dysfunction caused a record gap between prices on the Comex exchange in New York and the global benchmark price set in London, creating uncertainty and potential consequences for the global gold trade. The hope is that the White House will clarify the situation with an executive order.

Read more at Yahoo Finance: A Global Market Based on Gold Bars Shudders on Tariff Threat