The price of gold fell sharply as investors bet that a tariff on bullion entering the U.S. was less likely, and haven demand for the metal waned on hopes for a Ukraine-Russia ceasefire. The front-month gold futures contract on the NYMEX exchange fell 2% to $3,

The news sent commodity investors scrambling, with December gold prices rising to a record $3,534.10 per ounce, per the Financial Times. On the revelation, a White House official told Bloomberg that they planned to clarify that imports of gold bars will not face tariffs.