Gold futures climbed to a record high on Friday after a report that the United States had imposed tariffs on imports of 1-kg gold bars, while spot gold stayed on track for a second straight weekly gain on tariff turmoil and U.S. interest rate-cut hopes.
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Gold prices fell from a record high Friday after the White House said it will clarify “misinformation” about the precious metal facing tariffs.
“The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,” a White House official told CNBC.
Gold futures fell from an all-time closing high of $3,491.30 on the White House statement. The precious metal was last trading at $3,463.30.
The Swiss Precious Metals Association warned earlier Friday that U.S. tariffs “may negatively impact the international flow of physical gold.”
“We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland,” said Christoph Wild, president of the Swiss Precious Metals Association.
President Donald Trump has imposed a 39% tariff on Swiss exports to the U.S. The U.S. Customs and Border Protection apparently clarified this week that that 1 kilogram and 100 ounce gold bars are not excluded from the tariffs. Switzerland is the largest refiner of gold in the world.
“It must be noted that this clarification does not apply exclusively to Switzerland but to all 1kg and 100oz gold cast bars imported into the USA from any country,” the Swiss Precious Metals Association said.