US President Donald Trump said on Monday he would not impose tariffs on imported gold, resolving uncertainty that had roiled global bullion markets for days.
“Gold will not be Tariffed!” Trump declared on his Truth Social platform, ending speculation triggered by a US Customs and Border Protection (CBP) ruling last week that outlined new duties on widely-traded gold bars.
The president’s intervention came after the Financial Times reported that one kilogram gold bars would face tariffs, sending gold futures surging to a record intraday high of $3,534 per ounce. The news created unusual market distortions, with futures trading at premiums exceeding $100 over London spot prices as traders scrambled to secure metal deliveries.
Switzerland, which refines roughly 70% of global gold production, faced particular exposure to the potential tariffs, said the Financial Times. Much of the country’s refined gold is exported to the US for investment and industrial purposes.
The CBP ruling represented an unprecedented attempt to tax bullion, traditionally exempt from trade duties due to its financial system role. The decision appeared to contradict an April White House statement excluding gold from broader trade measures, said the newspaper.
Market analysts had warned the tariff threat could fundamentally alter global gold trading patterns and potentially undermine New York’s dominance as the world’s largest gold futures marketplace.
