Gold markets steady after tariff clarification

White House clarifies misinformation on import tariffs for gold bars as markets weigh potential duties on Swiss bars.

Gold markets calm after tariff threat

The White House said it would clarify what it called misinformation about import tariffs on gold bars after a CBP posting suggested duties could apply to 1kg and 100-ounce cast bars. The move could affect gold flows through Switzerland, the world’s biggest bullion refining hub, where US tariffs of 39 percent apply to some imports. Gold futures jumped to record highs on Friday before the White House commentary cooled the market and spot gold traded up about 1.1 percent to roughly 3,439 per ounce, the second-highest close in history.

Policy signals matter as much as the actual policy. The episode shows how tariff chatter can move a market built on liquidity and trust, even when officials seek to calm nerves. It also underscores the wider reach of US tariff policy, given Switzerland’s central role in refining and shipping gold. If tariffs were ever imposed, jewelry makers, central banks, and hedge funds could feel the ripple effects as flows shift and prices adjust. In short, this episode exposes the risk of miscommunication in tariff policy and the need for clear guidance from officials.

Highlights

Policy clarity can steady nerves, but real resolution will come from concrete policy steps.