Bullion markets breath sigh of relief as Trump says gold will not face tariffs
Washington
President Donald Trump said Monday imports of gold will not face US tariffs, weighing in after a federal ruling caused chaos and confusion in global bullion markets.
'Gold will not be Tariffed!' Trump posted on social media.
Gold futures traded on New York's Comex and the global benchmark for spot prices in London were little-changed after Trump's post. Spot gold pared some losses, though it was still down more than 1.2 percent on the day.
No formal, updated policy had yet been posted by US agencies as of Mondayafternoon.
A White House official suggested last week the administration would issue a new policy clarifying whether gold bars would face import taxes, after US Customs and Border Protection stunned traders by deciding the imports would be subject to duties.
The ruling determined that one-kilogram and 100-ounce gold bars would be subject to Trump's country-based tariffs that took effect on August 7. The move came in the form of a letter that was issued to a Swiss refiner inquiring about gold's treatment, then posted publicly on the agency's website.
Had the decision remained in place, it would have had sweeping implications for bullion around the world and potentially for the smooth functioning of the US futures contract. Gold's role as a financial asset and global currency sets it apart from other commodities such as copper that have been roiled by tariffs.
Traders, analysts and executives across the industry had understood the bars would be exempt from Trump's so-called 'reciprocal' tariffs,' including a 39 percent levy on goods from Switzerland, a major exporter.
The confusion over the CBP letter had caused US gold futures to surge to a record on Friday, and traders said that shipments were freezing up in response to the shock news.
Bullion markets stabilized later Friday when a White House official told Bloomberg in a written statement that the Trump administration intends to post an executive order in the near future to clarify what it called misinformation about tariffing of gold and other specialty products.
The latest statement adds to a tumultuous year for gold, which has soared to unprecedented levels amid strong buying from central banks and as Trump's trade war drives haven demand.
Earlier this year, physical flows were upended as traders rushed billions of dollars worth of gold and silver into the US as New York prices traded at large premiums in anticipation of potential tariffs. However, that trade came to a crashing halt after the US included gold and silver in its list of exemptions from the tariffs announced in early April.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Jazeera
a minute ago
- Al Jazeera
Why is Trump sending US National Guard to Washington, DC?
United States President Donald Trump has announced that he is temporarily taking control of the Washington, DC, police department, while deploying 800 National Guard troops to the city. Trump said his actions are needed to 'rescue' the US capital from a surge in crime. While violent crime spiked in Washington, DC, in 2023, data shows it has been falling quickly since then. Here is what we know: What has Trump announced? During a 78-minute news conference, Trump announced that the federal government would take control of the District of Columbia (DC) Metropolitan Police Department to address surging crime. 'I'm announcing a historic action to rescue our nation's capital from crime, bloodshed, bedlam and squalor and worse,' Trump said during the conference in which he was joined by US Attorney General Pam Bondi, who will oversee the city's police force while it is under federal control. 'This is Liberation Day in DC, and we're going to take our capital back. We're taking it back,' Trump said. 'Under the authorities vested in me as the President of the United States, I'm officially invoking section 740 of the District of Columbia Home Rule Act… and placing the DC Metropolitan and Police Department under direct federal control,' he said. He also announced the deployment of the National Guard. 'I'm deploying the National Guard to help reestablish law, order and public safety in Washington, DC, and they're going to be allowed to do their job properly,' he said. Trump also said that he intends to remove the capital's homeless population, but did not provide details on how the plan would be carried out. What is the Home Rule Act of 1973? The Home Rule Act of 1973 is a US federal law that gave Washington, DC, a significant degree of self-government for the first time. Washington, DC, is the seat of the federal government and the only US city that is not part of the 50 states. As a result, it has no voting representation in Congress. For about a century, up until 1973, the city was run by three presidentially appointed commissioners. That was until then-President Richard Nixon signed the Home Rule Act, enabling district residents to elect a mayor and city council. But the Home Rule Act also says the president can take control of the city's police force if 'special conditions of an emergency nature exist'. This is something Trump threatened to do in 2020, amid nationwide protests over the killing of George Floyd. The city's police can be used for 'federal purposes'. The president can use the DC police force for 48 hours, or up to 30 days if he notifies Congress. Trump said he plans to keep the federal takeover of the force going past the first 48 hours, and will officially inform the appropriate parties. The mayor of Washington, DC, Muriel Bowser, is adamant that the city still has control: 'Let me be clear. Chief Pamela Smith is the chief of the Metropolitan Police Department, and its 3,100 members work under her direction.' 'Nothing about our organisational chart has changed,' Bowser said. 'And nothing in the executive order would indicate otherwise.' According to a report by the news outlet Politico, federal law enforcement officers will be tasked with protecting federal buildings and national monuments. What do we know about the National Guard deployment? According to a statement from the US Army, 'between 100-200 soldiers will be supporting law enforcement at any given time'. 'Their duties will include an array of tasks from administrative, logistics and physical presence in support of law enforcement,' the army said. The National Guard will operate under Title 32 status, meaning they remain under local control but are funded by the federal government. In this status, they are not bound by the Posse Comitatus Act, which bars US service members from engaging in law enforcement activities. US Secretary of Defense Pete Hegseth said that the Guard would begin flowing into DC this week. According to a report by CNN, deployed troops are not expected to openly carry rifles as they patrol the streets. Instead, they will probably keep their weapons nearby, for example, in their trucks, so they can access them if necessary for self-defence, the official said. Hegseth said the Pentagon was 'prepared to bring in other National Guard units – other specialised units', but did not offer any further details. When asked whether the military would assist with clearing homeless people from the city, Hegseth said that the soldiers would assist local law enforcement. 'Our job is to stand alongside law enforcement,' he said. Why is Trump taking these measures? In the executive order, Trump states that rising violence in the capital has become an emergency. The 'rising violence in the capital now urgently endangers public servants, citizens, and tourists, disrupts safe and secure transportation and the proper functioning of the Federal Government', the order states. 'The magnitude of the violent crime crisis places the District of Columbia among the most violent jurisdictions in the United States.' It also says that the attorney general shall regularly update the president 'on the status of the special conditions of an emergency nature that exist in the District of Columbia'. MAKE D.C. SAFE AGAIN 🇺🇸 — The White House (@WhiteHouse) August 11, 2025 According to reports, the move seems to have been triggered by an assault involving Edward Coristine, a former Department of Government Efficiency (DOGE) staffer and protege of Elon Musk, who previously led DOGE. Police say 10 teenagers attacked the 19-year-old and his partner early on August 3. Two 15-year-olds were later arrested and charged. 'If DC doesn't get its act together, and quickly, we will have no choice but to take Federal control of the City, and run this City how it should be run,' Trump wrote on his social media platform, Truth Social, days after the attack, with an image showing a shirtless Coristine with what appeared to be blood spattered on his face, body and trousers. 'Perhaps it should have been done a long time ago, then this incredible young man, and so many others, would not have had to go through the horrors of Violent Crime,' Trump added. Is DC truly facing a crime emergency? The mayor of Washington, DC, Bowser, questioned the effectiveness of deploying the National Guard to enforce local laws, saying that more funding for prosecutors would make a more meaningful difference. At a news conference on Monday, the mayor said that Trump's perception of the city was 'shaped by his COVID-view experience during his first term'. 'It is true that those were more challenging times related to some issues. It is also true that we experienced a crime spike post-COVID, but we worked quickly to put laws in place and tactics that got violent offenders off our streets, and gave our police officers more tools,' she said. According to Bowser, violent crime is now at a 30-year low in Washington, DC. Washington, DC's crime numbers have been questioned after authorities began investigating claims that some figures were changed to make the situation look better. But Bowser has stood by the data and said that Trump's picture of DC as lawless is wrong. In January, the Department of Justice reported that violent crime in the nation's capital fell 35 percent from 2023 to 2024. Official crime statistics from the DC Metropolitan Police Department show that violent offences declined between 2023 and 2024, and preliminary 2025 data indicate the trend is continuing. The data for this year shows that homicides have fallen by 12 percent, and assaults with dangerous weapons by 20 percent. The FBI, however, reported that nationwide violent crime also fell, by an estimated 4.5 percent in 2024, compared with 2023.
Al Jazeera
31 minutes ago
- Al Jazeera
Trump names conservative economist to lead labour statistics agency
United States President Donald Trump has tapped an economist from a conservative thinktank to lead a key statistics agency after firing its previous head over her role in the release of weak employment figures. Trump said on Monday that he had nominated E.J. Antoni, the chief economist at the Heritage Foundation, to lead the Bureau of Labor Statistics. 'Our Economy is booming, and E.J. will ensure that the Numbers released are HONEST and ACCURATE. I know E.J. Antoni will do an incredible job in this new role. Congratulations E.J.!' Trump wrote on his Truth Social platform. Trump's nomination of Antoni, who requires confirmation by the US Senate, comes after his firing of Erika McEntarfer earlier this month raised concerns about US government statistics remaining credible and free of political influence. Trump justified McEntarfer's dismissal by claiming, without evidence, that the latest jobs report, which showed sharply slower growth job for May and June than previous estimated, had been 'rigged' to make him look bad. At the Heritage Foundation, Antoni, who had called for McEntarfer's removal shortly before she was fired, has consistently showered Trump with praise. Following Trump's announcement of a trade deal with Japan last month, Antoni described the agreement as 'darn close' to perfect and described the US president and his Treasury Secretary, Scott Bessent, as 'artistic masters.' Last week, Antoni said in a social media post that there were 'better ways to collect, process, and disseminate' economic data, and that the next head of the BLS would need to deliver 'accurate data in a timely manner' to rebuild trust in the agency. Antoni and the Heritage Foundation did not immediately respond to requests for comment. Antoni's nomination swiftly drew criticism from economists, who raised concerns about his qualifications and partisan leanings. Jason Furman, an economist at Harvard Kennedy School who served as an adviser to former US President Barack Obama, called Antoni 'completely unqualified.' 'He is an extreme partisan and does not have any relevant expertise. He would be a break from decades of nonpartisan technocrats,' Furman said in a post on X. Erica Groshen, who led the Bureau of Labor Statistics under Obama, voiced similar concerns. 'So far, what worries me is that the nominee and his work are not well known in the business, academic or public service communities,' Groshen told Al Jazeera.
Al Jazeera
2 hours ago
- Al Jazeera
Zelenskyy says Putin readying for ‘new offensive' in Ukraine, not ceasefire
Ukrainian President Volodymyr Zelenskyy said Vladimir Putin is not preparing for a ceasefire but is readying his troops for 'new offensive operations' in Ukraine, even as the Russian leader is set to meet US President Donald Trump for peace talks in Alaska. Zelenskyy said reports from Ukrainian intelligence and military commanders indicate that Putin intends to present his meeting on Friday with Trump as 'a personal victory and then continue acting exactly as before' in the war on Ukraine. 'He is definitely not preparing for a ceasefire or an end to the war,' Zelenskyy said in a video message posted to his social media account on Monday night. 'There is no indication whatsoever that the Russians have received signals to prepare for a post-war situation,' he said. 'On the contrary, they are redeploying their troops and forces in ways that suggest preparations for new offensive operations. If someone is preparing for peace, this is not what he does,' he added. Today, there was a report from the intelligence and military command on what Putin is counting on and what he is actually preparing for, including military preparations. He is definitely not preparing for a ceasefire or an end to the war. Putin is determined only to present a… — Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) August 11, 2025 Ukraine's military spokesperson for the southern front-line sector, Vladyslav Voloshyn, told the Reuters news agency on Monday that Russia was moving some military units in the Zaporizhia region for further assaults. Earlier on Monday, Zelenskyy warned that any concessions to Russia would not persuade it to stop fighting in Ukraine. 'Russia refuses to stop the killings, and therefore, must not receive any rewards or benefits,' Zelenskyy wrote on X. 'Concessions do not persuade a killer,' he said. The Ukrainian leader's warnings come in advance of Trump's scheduled meeting with Putin in Alaska on Friday, and after the US president said that Kyiv would have to cede land to end Russia's war in Ukraine, a proposition that Ukraine has firmly rejected. 'There'll be some land swapping going on. I know that through Russia and through conversations with everybody; to the good, for the good of Ukraine. Good stuff, not bad stuff. Also, some bad stuff for both,' Trump told a news conference in Washington, DC, on Monday. Trump also said he would know 'probably in the first two minutes' of meeting with Putin, whether progress was possible. 'I'm going to be telling him, 'You've got to end this war,'' Trump said, adding that a future meeting with Putin could include Zelenskyy. United Kingdom Prime Minister Keir Starmer and Canadian Prime Minister Mark Carney also said on Monday that a peace deal for Ukraine must involve Kyiv and not be imposed upon it. 'Both leaders underscored that Ukraine's future must be one of freedom, sovereignty, and self-determination,' a spokesperson for Starmer said. Zelenskyy also said he had spoken to Canada's Carney and told him that the 'Russians simply want to buy time, not end the war'. 'The situation on the battlefield and Russia's wicked strikes on civilian infrastructure and ordinary people prove this clearly,' Zelenskyy said in a post on social media. US-based think tank the Institute for the Study of War (ISW), which monitors the conflict in Ukraine on a daily basis, said in a recent report that Moscow does not appear to be preparing the Russian public for accepting 'a settlement short of a full victory in Ukraine'. That assessment, the ISW said, was based on 'the lack of change in public Kremlin messaging, in combination with ongoing speculation that Putin is looking to 'outplay' the West'. European leaders and Zelenskyy plan to speak with Trump in advance of his meeting with Putin as fears mount that Washington may dictate unfavourable peace terms to Ukraine after the Alaska summit.
