Aug 11 (Reuters) - U.S. President Donald Trump on Monday

said he would not impose tariffs on gold, a move welcomed by

global bullion markets and which ended days of speculation that

the yellow metal could be caught up in the ongoing global trade

spat.

"Gold will not be Tariffed!" Trump said in a statement

posted on his social media account. He gave no details.

The U.S. Customs and Border Protection had posted a

ruling on its website on Friday saying that Washington might

place the most widely traded gold bullion bars in the United

States under country-specific import tariffs, which would have

rocked the metal's global supply chains.

In response, a White House official told Reuters on

Friday that the Trump administration was preparing an executive

order "clarifying misinformation" about tariffs on gold bars and

other specialty products.

A U.S. gold tariff would have been especially harmful

for Switzerland, a major refining and transit hub for gold.

Trump's Monday post removes that concern.

"Delighted to hear the crisis has been averted," said

Ross Norman, an independent gold market analyst. "It will come

as an enormous relief to the bullion markets, as the potential

for disruption was incalculable."

U.S. gold futures dropped 2.4% to $3,407 per

ounce after Trump's post on Monday, reducing a premium over spot

gold, the global benchmark, which fell 1.2% to $3,357.

Shares of Barrick Mining ( B ) fell 2.8% on Monday

afternoon after the company posted quarterly results, while

shares of Newmont ( NEM ) - the world's largest gold miner -

were down slightly to $68.87. Both companies are major U.S. gold

producers.