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

US President Donald Trump said on Monday that gold imports will not face tariffs, ending days of uncertainty that had rattled global bullion markets and sent futures prices to record highs.

"Gold will not be Tariffed!" Trump said in a statement on his Truth Social account, without providing further details. His remarks followed confusion triggered by a US Customs and Border Protection letter that appeared to classify two standard gold bar weights — one kilogram and 100 ounces (2.8 kilos) — as subject to duties.

According to Reuters, the ruling posted on the customs website last week had raised concerns that Washington might place the most widely traded bullion bars in the United States under country-specific import tariffs, potentially disrupting global supply chains. A White House official told Reuters on Friday that the administration was preparing an executive order “clarifying misinformation” about tariffs on gold bars and other specialty products.


The customs letter, dated July 31 and first reported by the Financial Times, had spurred a surge in gold prices, with December delivery contracts hitting a record high on the Comex, the world’s largest futures market. One-kilo bars comprise the bulk of Switzerland’s bullion exports to the United States, and a 39 percent levy under Trump’s “reciprocal” tariffs had been seen as a major risk for the European nation, a key refining and transit hub.

"Delighted to hear the crisis has been averted," independent gold market analyst Ross Norman told Reuters. "It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable."

Following Trump’s post, US gold futures fell 2.4 percent to $3,407 per ounce, narrowing the premium over spot gold, which dropped 1.2 percent to $3,357. Shares of Barrick Mining fell 2.8 percent after posting quarterly results, while Newmont, the world’s largest gold miner, slipped slightly to $68.87.

Gold, considered a safe-haven asset, has already touched record highs this year amid tariff tensions and geopolitical unrest.

(With inputs from Reuters)

Stay informed with the latest business news, updates on bank holidays, public holidays, current gold rate and silver price.