Gold Hits New Record High On Tariffs Then Gives Up “Misinformation” Gains

By Mish Shedlock of MishTalk

Friday, August 8, 2025 4:15 PM EDT

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New Record High

Reuters reports US gold futures hit all-time high on tariff uncertainty over bullion imports

U.S. gold futures hit a record high on Friday amid uncertainty over whether country-specific U.S. import tariffs would apply to the most commonly traded sizes of gold bars.

Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, according to a ruling on the U.S. Customs and Border Protection service’s website, which would be a major blow to global supply chains for the metal.

“Gold’s panic ascent shows that even safe haven assets are not immune to the volatility unleashed in the confusion of the tariff age,” Susannah Streeter, head of money and markets, Hargreaves Lansdown.

“If there is follow through and no intervention, this could threaten New York’s dominance in the gold futures market, given prices have risen sharply compared to other trading centres,” she added.

Swiss goods are subject to U.S. import tariffs of 39%, and the country is continuing discussions with the United States about reducing the levies.
Some gold refineries, including a large Swiss entity, have paused deliveries of bullion to the United States due to uncertainty, two sources familiar with the matter told Reuters.

Misinformation on Gold Tariffs

Bloomberg reports White House to Clarify Misinformation on Gold Tariffs

The Trump administration suggested it would issue a new policy clarifying that imports of gold bars should not face tariffs, after the US government stunned traders by ruling that they would be subject to duties.

The White House intends to post an executive order in the near future to clarify what an official called misinformation about the tariffing of gold and other specialty products. The official detailed the plans Friday on condition of anonymity.

Spot gold and futures prices on New York’s Comex fell after the White House statement.

Industry figures had previously understood that bars would be exempt from President Donald Trump’s so-called reciprocal tariffs, including a 39% on goods from Switzerland, a major exporter of the precious metal. But when a Swiss gold refiner asked about it, US Customs and Border Protection ruled that one-kilogram and 100-ounce gold bars are subject to the levies, according to an agency letter.

Gold has a unique role as a financial asset and global currency, making it different than copper, steel and aluminum — other metals that have been hit by Trump’s tariffs. Shipments were freezing up in response to the decision that gold imports would face US duties, traders said earlier Friday.