(Kitco News) – The global gold market is breathing a sigh of relief on Friday afternoon after the White House denied yesterday’s shocking report that the United States has imposed import tariffs on gold bars from Switzerland.
A spokesperson for the Trump administration told media agencies on Friday that they would issue a new policy clarifying that imports of gold bars will not face tariffs.
After FT reported that a July 31 letter from U.S. Customs and Border Protection to a Swiss refiner claimed 1-kilogram and 100-ounce gold bars would be subject to costly tariffs – with Switzerland's recently announced 39% tariff rate among the highest the Trump administration has imposed – precious metals markets went into a panic.
The news drove Comex gold futures to a new all-time high of $3,534.10 shortly after 6 pm EDT, and sent spot prices rocketing through $3,400 per ounce. Industry experts were quick to say that while the initial market reactions were dramatic, the long-term impacts of the tariff ruling would reshape the global bullion market altogether.
But by Friday afternoon, the White House was characterizing the FT story as ‘misinformation’ and reassuring markets that gold was not slated for tariffs. Still, after a sharp yet brief selloff, the yellow metal managed to hold onto virtually all of its weekly gains.
At the time of writing, spot gold was trading at $3,394.91 per ounce for a gain of 3.15% on the weekly chart.
