Trade battle: Will US impose tariffs on gold? Here’s what Donald Trump said

US President Donald Trump said on Monday that gold imports won’t face further tariffs, ending days of uncertainty that had rattled world bullion markets and despatched futures costs to file highs.“Gold will not be Tariffed!” Trump said in a press release on his Truth Social account, with out offering additional particulars. His remarks adopted confusion triggered by a US Customs and Border Protection letter that appeared to categorise two commonplace gold bar weights — one kilogram and 100 ounces (2.8 kilos) — as topic to duties.According to Reuters, the ruling posted on the customs web site final week had raised issues that Washington may place essentially the most extensively traded bullion bars within the United States beneath country-specific import tariffs, doubtlessly disrupting world provide chains. A White House official informed Reuters on Friday that the administration was making ready an government order “clarifying misinformation” about tariffs on gold bars and different specialty merchandise.The customs letter, dated July 31 and first reported by the Financial Times, had spurred a surge in gold costs, with December supply contracts hitting a file excessive on the Comex, the world’s largest futures market. One-kilo bars comprise the majority of Switzerland’s bullion exports to the United States, and a 39 p.c levy beneath Trump’s “reciprocal” tariffs had been seen as a significant threat for the European nation, a key refining and transit hub.“Delighted to hear the crisis has been averted,” impartial gold market analyst Ross Norman informed Reuters. “It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable.”Following Trump’s put up, US gold futures fell 2.4 p.c to $3,407 per ounce, narrowing the premium over spot gold, which dropped 1.2 p.c to $3,357. Shares of Barrick Mining fell 2.8 p.c after posting quarterly outcomes, whereas Newmont, the world’s largest gold miner, slipped barely to $68.87.Gold, thought of a safe-haven asset, has already touched file highs this 12 months amid tariff tensions and geopolitical unrest.(With inputs from Reuters)