US to clarify gold tariff confusion as futures hit record high

Gold futures in the United States surged to an all-time high Friday before retreating, as uncertainty grew over whether President Donald Trump’s latest tariffs would apply to certain gold bars.

The spike followed a US Customs and Border Protection letter stating that gold bars weighing one kilogram or 100 ounces (2.8 kg) should be classified as subject to tariffs. The move threatened to disrupt global gold trade, particularly with major supplier Switzerland.

The Financial Times first reported the letter Thursday. Soon after, a White House official told AFP that the administration would “issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products.” It remains unclear whether this means the bars will be exempt from the new duties, including a 39% tariff on goods from Switzerland.

December gold futures touched a record $3,534.10 an ounce on the Comex exchange before falling to about $3,461.40 by 1830 GMT. Prices have been climbing throughout the year on trade tensions and geopolitical uncertainty.

Analysts warned that imposing tariffs on bullion could significantly impact the gold market. Commerzbank’s Carsten Fritsch noted that one-kilo bars—widely traded on Comex—form the bulk of Switzerland’s gold exports to the US and would face the 39% levy. Switzerland, home to many gold refineries, plays a key role in shaping global bullion supply.

Ole Hansen of Saxo Bank added that the US futures market is a critical hedging platform for global bullion banks, meaning any disruption could have broad repercussions.

The new tariffs, part of Washington’s latest wave of “reciprocal” duties targeting dozens of economies, took effect Thursday.