11.08.2025 21:43
President Donald Trump announced on Monday, via a concise post on Truth Social, that gold imports will remain tariff-free. This declaration swiftly alleviated concerns among U.S. importers, following an earlier notification from Customs and Border Protection (CBP) suggesting that tariffs would apply to gold bars weighing one kilogram or 100 ounces. The White House had previously indicated that an executive order clarifying tariff policies on gold would be issued this week.
Trump's announcement, limited to the simple statement "Gold will not be Tariffed," provided no further policy details. This followed a surge in U.S. gold futures on Friday, briefly reaching a record high of $3,534.10 per ounce before retracting. This initial spike was triggered by CBP's notification to a Swiss gold refiner regarding potential reciprocal tariffs. Switzerland, the world's leading gold refiner, faces a substantial 39% tariff rate, prompting intense diplomatic efforts to secure a favorable trade agreement with the U.S.
Following Trump's announcement, the price of gold on the Comex experienced only a minor dip, settling near $3,403 per ounce. The market largely absorbed the news without significant volatility. The precious metal's relative stability contrasts with the initial uncertainty caused by the CBP's conflicting initial assessment.
Previously considered a haven asset shielded from the unpredictable impact of Trump's tariffs, gold's exemption was initially stated after his "Liberation Day" event. However, the CBP's unexpected ruling forced a rapid policy reversal. Sources within the Trump administration subsequently told Bloomberg that an executive order would address the perceived "misinformation" surrounding its gold tariff policy. The administration's swift response underscores the significant market impact of any perceived change in tariff policy affecting gold.
Gold prices have seen a substantial increase of 32% since last year, surpassing the $3,000-per-ounce mark in March. This remarkable price appreciation further highlights the precious metal's significance in the global financial landscape and its sensitivity to policy pronouncements, particularly those originating from the White House. The considerable rise in prices in recent months underscores investor confidence in gold as a safe haven asset during periods of economic uncertainty. Information for this report was gathered from internet sources.
