US President Donald Trump confirmed via social media on Monday that no tariffs will be imposed on gold imports. The announcement comes amid growing speculation and uncertainty about the status of gold bar imports into the US, after several days of mixed signals from government agencies. The statement aims to put an end to the confusion and reassure market participants.
“Gold will not be Tariffed!” Trump said on his Truth Social platform, without providing further details.
Confusion sparked by CBP ruling
The uncertainty began last week when the US Customs and Border Protection (CBP) agency posted a ruling on its official website suggesting the possibility of country-specific import tariffs on standard one-kilo and 100-ounce gold bars.
The unexpected notice triggered a sharp surge in gold prices, pushing them to an all-time high on August 8. The ruling came as a surprise because it directly contradicted an earlier statement from Trump, who had clearly said that gold bars would be exempt from any tariff measures.
Market reactions
The mixed signals from the CBP and the administration caused confusion and uncertainty among investors, traders, and financial institutions.
On August 8, the administration told Reuters it would soon make an official announcement to clear up any “misinformation” about potential tariffs on gold imports.
Monday’s clarification is expected to bring stability to the precious metals market and help restore investor confidence. Analysts believe the decision will have a significant influence on global gold trade, given the US’s key role in the international bullion market.
On Friday, December gold futures on the Comex, the world’s largest futures exchange – touched a record high, before prices dropped 2.4% on Monday.
The global market price of gold currently stands at about $3,402.7 per troy ounce. In India, rates differ from city to city. In Delhi, for instance, 22K gold is priced at roughly Rs 9,470 per gram, while 24K gold costs about Rs 9,944 per gram.
Gold, often considered a safe-haven asset, has already hit record highs this year amid concerns over tariffs and rising geopolitical tensions.