US President Donald Trump on Monday confirmed that gold imports into the United States will not face tariffs, bringing relief to bullion markets that had been rattled by days of speculation and conflicting signals from government agencies.
The announcement came after a ruling last week by the US Customs and Border Protection suggested that certain gold bullion products, including one-kilogram and 100-ounce bars, could fall under reciprocal tariff codes, sparking confusion and driving gold futures to a record high above $3,500 per ounce as traders braced for potential disruptions.
The White House had earlier indicated plans to issue a policy clarification to ensure gold bars would be exempt from duties, but uncertainty persisted until Trump’s statement.
Following the clarification, gold prices retreated sharply, with US gold futures settling around $3,407 per ounce and spot prices slipping to $3,357, marking the lowest level since the start of August.
The move was welcomed by market participants who had warned that any tariff on bullion could have far-reaching implications for global trade flows, refining operations, and investor sentiment.
With the policy position now clear, attention turns to how the administration will navigate broader trade and tariff decisions affecting other commodities in the months ahead.
