U.S. President Donald Trump's statement on not putting tariffs on gold has sent an encouraging signal for trade stability but only a formal decision will provide certainty, the head of the Swiss precious metals association ASFCMP said on Tuesday.

The White House previously said they would issue an executive order clarifying tariff levels on the precious metal this week.

Switzerland’s economy will prove resilient enough to largely shake off the shock of US tariffs over the next year or so, according to a Bloomberg survey of economists.