The global gold market has been thrown into fresh turmoil after a US government agency indicated that bullion would not be exempt from tariffs.

This afternoon, the White House said that it would “clarify misinformation” on gold tariff orders with a new posting sometime in the near future. This announcement sent active gold futures lower, with the contract paring its earlier gains and being now up only 0.3%.

Gold futures on Comex were up 0.1% at $3,456.80 an ounce Friday afternoon, retreating from a record high at $3,534.20 an ounce set after a ruling by the U.S. Customs and