The Trump administration announced on Friday (August 8th) that it would issue a new policy clarifying that import gold bars would not be subjected to tariffs. This decision came after the US government’s previous ruling to impose tariffs on imported gold bars, which had shocked traders.
A White House official revealed in a written statement to Bloomberg that the US government intends to soon release an executive order to dispel false information regarding tariffs on gold and other special products. The official, who chose to remain anonymous, detailed the plan on Friday.
Following the White House statement, the spot gold and futures prices on the New York Commodities Exchange fell.
Industry insiders had earlier understood that gold bars would be exempt from the President’s retaliatory tariffs, including a 39% tariff imposed on goods from Switzerland, a major exporter of precious metals. However, the decision letter from the US Customs and Border Protection (CBP) to a Swiss gold refinery cited by the Financial Times on Thursday (7th) stated that tariffs would be levied on both 1 kilogram and 100 troy ounce gold bars.
The New York gold bar futures prices surged to a historic high overnight on Thursday, with support from gold bars from Switzerland and other major trading and refining centers. Traders indicated earlier on Friday that gold shipments were being frozen due to the US decision to impose tariffs on imported gold.
The tariff decision is expected to have a profound impact on the global gold bar market and may disrupt the operation of US futures contracts.
Gold, as a financial asset and global currency, holds a unique role, setting it apart from metals such as copper, steel, and aluminum impacted by tariffs.
Earlier this year, before President Trump’s “Independence Day” tariffs took effect, traders rushed to buy gold, leading to record levels of gold inventories on the New York Commodities Exchange (Comex) and shortages in London gold.
Following the announcement of these tariffs, many commodities were exempted, including a certain type of gold bars.
According to the Financial Times, the global gold bar trade flows in a triangular pattern: large gold bars are transported between London and New York, passing through Switzerland, where they are recast into different-sized gold bars.
These two markets use different sizes of gold bars, with the London market utilizing 400 gold troy ounces bars, roughly equivalent to the size of a brick, while the New York market prefers kilogram-sized gold bars, roughly the size of a smartphone.
The price of gold bars in 2025 has experienced historic increases, rising by 27% since the end of 2024 and reaching as high as $3500 per troy ounce. Concerns about inflation, government debt levels, and the depreciation of the US dollar as a reserve currency have all contributed to the soaring global gold prices.