Reports that the Trump administration had imposed tariffs on imported gold bars were inaccurate, according to a White House official.

News reports on Thursday, citing a July 31 letter from Customs Border Protection, said the United States had imposed tariffs on imports of one-kilo (2.2-pound) and 100-ounce gold bars, including stamped gold bars from Switzerland.

“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,” the White House official told Axios.

Markets had assumed that gold bullion would not be subject to tariffs. The news caused U.S. gold futures to surge to a record $3,534.10 Friday, widening the spread between New York futures and spot prices.

On Monday, spot gold was 1.1% lower at $3,362.21 per ounce.

"Spot gold is tumbling, along with futures, as markets unwind the initial shock from U.S. tariffs potentially plunging bullion flows into chaos," Han Tan, chief market analyst at Nemo.Money, told Reuters.

Markets are also looking towards Tuesday's U.S. consumer price index data, with tariffs expected to push core inflation up 0.3%, lifting the annual rate to 3.0%, well above the Fed's 2% target.

"Lower-than-expected CPI prints that bolster bets for Fed rate cuts by year-end may restore spot gold above the psychological $3,400 level," Tan said.

A recent softer-than-expected U.S. jobs report has seen markets price in a near 90% chance of a September rate cut and at least one more reduction by year-end. Lower rates typically benefit non-yielding gold.