In a Truth Social post, Donald Trump declared that “Gold will not be Tariffed!”, overriding a surprise ruling by U.S. Customs and Border Protection (CBP) that had classified certain Swiss gold bars as subject to his 39% reciprocal tariffs.
Following Trump’s statement, gold futures fell 2.48%, closing at $3,404.70 per ounce. This came after hitting a record high just days earlier due to tariff fears.
Investor Relief:
The reversal eased concerns in the precious metals market, especially among traders using Swiss bars to back COMEX contracts.
The Swiss Precious Metals Association warned that the initial CBP ruling could disrupt the international flow of physical gold.
Tariff Confusion:
The CBP had classified stamped and lasered gold bars under a code that made them tariff-eligible, sparking backlash and calls for clarification.
(source cnbc.com)
—Agencies
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