Gold Price Today: Gold markets were jolted on Friday as prices retreated from record highs following the White House’s announcement to address “misinformation” surrounding potential import tariffs on gold bars. The move comes amid confusion in the precious metals industry and fears that a key segment of global bullion trade could be disrupted.
Prices slide from record highs
Gold futures, which had earlier touched an all-time closing high of $3,491.30 per ounce, slipped to $3,463.30 after the announcement. US gold futures pared gains further, trading 0.1% higher at $3,457 per ounce, while spot gold held steady at $3,398. The drop followed a White House statement indicating plans to issue an executive order clarifying tariff rules for gold bars and other specialty products.
A White House official told reporters, “The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars.”
What is the confusion over gold?
The turmoil began after the US Customs and Border Protection (CBP) clarified that one-kilogram and 100-ounce gold cast bars, the most traded sizes in the US futures market, are not excluded from the 39% country-specific import tariffs imposed by President Donald Trump on Swiss exports.
According to the CBP, these bars should be classified under HS customs code 7108.13.5500, which was not on Washington’s April list of tariff-exempt products. The ruling affects not only Switzerland, the world’s largest bullion refining and transit hub, but also any country exporting these bars to the US.
The Swiss Precious Metals Association reacted sharply to the development, warning of a severe impact on international bullion flows.
“We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the US, a long-standing and historical partner for Switzerland,” said Christoph Wild, the association’s president.
Wild added that with a 39% tariff, exports of Swiss gold bars to the US would “definitely stop.” At least one major Swiss refinery has already halted shipments, and some gold logistics companies elsewhere have followed suit.
Despite the uncertainty, analysts note that US gold futures are currently well-buffered by large inventories in COMEX-owned warehouses. According to StoneX analyst Rhona O’Connell, these stocks amount to 86% of open interest, compared to a normal range of 40–45%, reducing the immediate risk of liquidity shortages.