Gold futures touched an all-time high of $3,534 during early morning trading on Friday following reports that the Trump administration would impose tariffs on imports of 1-kilogram and 100-ounce gold bars. The reports cited a ruling letter dated July 31 stating that the U.S. Customs and Border Protection (CBP) would not exempt the two gold bar weights from tariffs.
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However, that doesn’t appear to be the case, as the White House announced it would clarify the details surrounding the gold tariffs with an executive order. Following the announcement, gold futures have erased all of their Friday gains.
White House to Address Gold Bar Tariff Reports
“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,” a White House official told CNBC.
Switzerland is able to breathe a sigh of relief, as the country is the top global exporter and refiner of the precious metal. On Thursday, the U.S. hit imported Swiss goods with a 39% tariff.
Nonetheless, gold is still having a breakthrough year with Spot Gold (XAUUSD) up by 28.31% year-to-date.
