US gold futures pare gains after official says White House to clarify tariff policy on bullion bars
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
U.S. gold futures pared gains on Friday, retreating from record high levels, after reports that the White House plans to issue an executive order clarifying the country's stance on gold bar tariffs.The statement from White House official on the upcoming executive order follows a ruling posted by the U.S. Customs and Border Protection service's website, indicating that Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs.December U.S. gold futures were steady at $3454.1 per ounce as of 1852 GMT, after hitting a record $3,534.10 earlier in the session."Gold's panic ascent shows that even safe haven assets are not immune to the volatility unleashed in the confusion of the tariff age," Susannah Streeter, head of money and markets, Hargreaves Lansdown.The spread between U.S. gold futures and spot prices widened, and currently sits at $57, down from over $100 earlier in the session. Spot gold steadied at $3,396.8 per ounce as of 2:52 p.m. ET (1852 GMT), but was up 1% for the week.UBS noted that if the tariff sticks, it expects the premium between Comex futures and London ones to rise further, as will arbitrage opportunities between alternative refinery hubs.Analysts broadly noted that they are awaiting further clarity on the issue, adding that a U.S. tariff on gold deliveries could significantly affect Switzerland, given its status as the world's leading hub for gold refining and transit.Swiss goods are subject to U.S. import tariffs of 39%, and the country is continuing discussions with the United States about reducing the levies.Some gold refineries, including a large Swiss entity, have paused deliveries of bullion to the United States due to uncertainty, two sources familiar with the matter told Reuters.Elsewhere, spot silver was steady at $38.29, platinum fell 0.5% to $1,327.85, and palladium was down 2.2% at $1,125.48.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
2 hours ago
- Time of India
Donald Trump's U-turn on gold tariffs erases record gains, shaking a $36B Swiss bullion trade & global investor confidence
The global gold market steadied after a week of turbulence when Donald Trump confirmed that gold bars would not be subject to US tariffs. Posting on his Truth Social platform on Monday, the former president wrote, 'Gold will not be tariffed,' ending days of speculation that had driven prices to record highs. From record highs to sharp declines On Friday, gold futures surged to unprecedented levels following reports that the US planned to impose tariffs on imported 1kg bars. The move was viewed as a blow to Switzerland, which dominates global bullion exports, sending $36 billion worth of gold to the US in the first quarter alone. The country was already facing a 39% tariff on all its exports, from gold to luxury goods. Trump's statement reversed the trend, sending US gold futures down 2.4% to $3,407 per ounce, narrowing the gap with spot gold, which fell 1.2% to $3,357. By Tuesday, prices were stable as investors turned their attention to upcoming US inflation data. Swiss bullion sector welcomes statement, awaits formal decision The Swiss Association of Precious Metals Producers and Traders (ASFCMP) welcomed Trump's assurance but stressed the need for a binding decision. 'President Trump's statement is an encouraging signal for trade stability,' said Christoph Wild, the group's president, adding that only a formal ruling could provide the certainty required by the sector. The White House said an executive order was being prepared to address 'misinformation' about tariffs on gold bars and other products. Confusion over tariff rules sparked market disruption The market unrest began when US Customs and Border Protection said that 1kg and 100-ounce cast bars would not be exempt from tariffs. The clarification came after a metals financier sought legal advice when faced with unexpected duties. Ross Norman, chief executive of Metals Daily, said shipments to New York were held back in bonded warehouses until the White House could confirm its position. 'It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable,' he said. Bullion as a safe haven Gold remains a popular hedge against inflation, attracting both individual buyers and sovereign funds. In the US, gold is sold in supermarkets, with a kilo bar priced at around £89,000 and one-ounce coins at about £2,500. Bullion refers to gold or silver that is at least 99.5% pure, typically in bar or ingot form. To stay updated on the stories that are going viral follow Indiatimes Trending.
News18
3 hours ago
- News18
Best Website To Buy Swiss eta Watches India
Agency: Last Updated: August 12, 2025, 17:15 IST Representational image (Image: News18) If you are searching for the best website to buy swiss eta watches in India, then visit they are the best in India providing full COD & exact swiss replica watches. Swiss ETA watches represent a hallmark of precision and reliability in the world of horology. The ETA SA Manufacture Horlogère Suisse, founded in 1793, is renowned for producing high-quality watch movements that power a myriad of timepieces across various brands. The core of Swiss ETA watches lies in their robust automatic and quartz movements. These movements are engineered with meticulous attention to detail, ensuring exceptional accuracy and longevity. Notably, the ETA 2824-2 automatic movement has become a standard in the industry, known for its durability and ease of maintenance. In addition to their mechanical prowess, Swiss ETA movements are often celebrated for their versatility. They can be found in luxury watches as well as more accessible timepieces, making them a popular choice among both watch enthusiasts and casual wearers. super clone watches The Swiss ETA movement is a cornerstone of horological engineering, renowned for its precision and reliability. Originating in Switzerland, ETA SA Manufacture Horlogère Suisse has established itself as a leading manufacturer of watch movements since its founding in 1793. The ETA movement is characterized by its modular design, allowing for versatile applications across various watch brands. It typically features a robust automatic winding mechanism, which harnesses the kinetic energy generated by the wearer's wrist motion. This innovation eliminates the need for manual winding and enhances user convenience. One of the most notable movements produced by ETA is the ETA 2824-2, widely regarded for its durability and accuracy. This caliber operates at a frequency of 28,800 vibrations per hour (vph) and boasts a power reserve of approximately 38 hours. Its reliability has made it a preferred choice among both luxury and entry-level timepieces. Additionally, the Swiss ETA movement is known for its compatibility with various complications, such as date displays and chronographs. This flexibility allows watchmakers to create diverse styles while maintaining high performance standards. In summary, the Swiss ETA movement exemplifies the pinnacle of Swiss watchmaking, combining innovation with tradition to deliver exceptional timekeeping solutions. Its widespread use across numerous brands underscores its significance in the global watch industry. Furthermore, the widespread use of Swiss ETA movements has established a benchmark for quality in the watch industry. Many manufacturers rely on these movements to provide a reliable foundation for their designs, thus reinforcing the reputation of Swiss craftsmanship. Swipe Left For Next Video View all In summary, Swiss ETA watches embody a blend of tradition and innovation, making them a cornerstone of modern watchmaking. Their precision-engineered movements continue to set the standard for reliability and performance in timekeeping. (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.). PTI (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments News agency-feeds Best Website To Buy Swiss eta Watches India Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Read More
Indian Express
4 hours ago
- Indian Express
Trump's gold tariff U-turn latest sign of shoot-first-ask-questions-later policymaking
Late on August 11, US President Donald Trump published another one of his policy-by-social-media posts, announcing that 'Gold will not be Tariffed!'. This came after prices of gold futures jumped following a Financial Times report on August 8 about the US Customs and Border Protection (CBP) agency ruling that two types of gold bars — 1 kg and 100 ounce — should fall under a customs code that is subject to tariffs. Prices of gold futures rose sharply on Friday following the FT report that indicated gold bars imported into the US from Switzerland would attract the designated tariff of 39 per cent. This is crucial since Switzerland is the world's biggest refiner of the yellow metal, with gold exports in 2024 exceeding $100 billion. For the US, Swiss gold ranks first in terms of imports. However, relations between Switzerland and the US have been rather frigid over their trade balance. In 2024, Switzerland's exports to the US stood at $63.33 billion, resulting in a surplus of $38.28 billion for the European country — more than 50 per cent higher than the 2023 surplus of $24.53 billion. But the surplus for Switzerland has jumped more sharply in 2025, ballooning to $47.83 billion in just the first six months, as per US Census Bureau data, on the back of US' imports soaring to $75.87 billion — 216 per cent higher from the first half of 2024. Why? Because of Trump. The US President's threat of reciprocal tariffs starting April led to an eye-watering increase in the import of gold from Switzerland in the first three months of 2025. From January to March, a total of $62.32 billion worth of goods was imported by the US from Switzerland, resulting in a trade deficit of $54.27 billion. In the subsequent three months, the US has enjoyed a minor trade surplus of just over $2 billion on average. In the year ended June, Switzerland's gold exports to the US stood at just over $61 billion. Shoot first, question later The sharp increase in gold prices prompted action from the Trump administration, with the White House saying on August 8 that it would clarify 'misinformation' about tariffs on gold bars, prompting futures prices to cool down. Misinformation, however, may not be the best characterisation of developments. The US Customs and Border Protection's comments on July 31, seen by The Indian Express, came after New York-based MTB Metals — a subsidiary of Swiss precious metals refining and trading firm MKS PAMP — sought a tariff classification ruling. As has been reported elsewhere, Trump's Liberation Day tariffs of April 2 contained several exemptions, including a category of bullion. This category was understood to also cover large gold bars. It was thought that precious metals remelted by Swiss refineries and exported to the US could be shipped tariff-free, the FT reported, citing Christoph Wild, president of the Swiss Association of Manufacturers and Traders of Precious Metals. 'However, the custom code classification for different gold products is not always precise,' Wild said, with the FT adding it had been told by two refineries that they had temporarily reduced or halted exporting to the US due to the uncertainty. As it turns out, the US CBP's July 31 ruling to MTB Metals' query was as follows: the company wanted 1 kg and 100-ounce gold bars to come under the 7108.12.10 classification code as unwrought non-monetary gold bullion or dore. However, the CBP argued these bars could not fall under the said category as they were not 'unwrought' — they had been 'cast and have been stamped and needled or lasered with identifying information, and thus have been further processed'. As it turns out, the 7108.12.10 classification code sought by MTB Metals for the said gold bars was the only one related to gold that was exempt from import duties in the April 2 Liberation Day order. The problem, therefore, was not with the CBP's ruling, but the exemption order — it was not comprehensive enough. A similar casualty of the Trump administration playing fast and loose with trade policy has been Japan, which found to its surprise that while the European Union's trade agreement with the US had a 'no stacking' provision — this meant that the 15 per cent tariff on EU goods was the maximum — there was no such clause in the order on the 15 per cent deal struck between Tokyo and Washington. While the issue has since been smoothed over, it's the perfect illustration — like with the gold tariff reversal — of Trump's policy-making process: headlines first, details later.
