'Gold will not be tariffed': Trump’s post ends a market frenzy no one was ready for
"Delighted to hear the crisis has been averted," said Ross Norman, an independent gold market analyst. “It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable.”
- Aug 12, 2025,
- Updated Aug 12, 2025 7:27 AM IST
President Donald Trump abruptly declared that gold imports “will not be Tariffed,” ending a week of confusion that shook global bullion markets and pushed futures to all-time highs.
“Gold will not be Tariffed!” Trump posted on Truth Social, offering no explanation. His statement followed fallout from a U.S. Customs and Border Protection ruling that had cast doubt on the tariff status of widely traded bullion bar sizes—one kilogram and 100 ounces.
The July 31 customs letter, first reported by the Financial Times, appeared to classify those bars as subject to country-specific duties, triggering fears of a 39% levy on gold imports under Trump’s “reciprocal” tariff framework. The ruling spurred December futures on the Comex to record highs and ignited concern over disruptions to global supply chains—especially in Switzerland, a major exporter of gold bars to the U.S.
Reuters reported that the White House was drafting an executive order “clarifying misinformation” surrounding specialty product tariffs. The administration, however, had remained silent for days, leaving bullion markets in a holding pattern.
"Delighted to hear the crisis has been averted," said Ross Norman, an independent gold market analyst. “It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable.”
Following Trump’s post, U.S. gold futures fell 2.4% to $3,407 per ounce, while spot prices dropped 1.2% to $3,357. Shares of Barrick Mining slipped 2.8% after releasing earnings, and Newmont— the world’s largest gold producer—dipped slightly to $68.87.
Gold has hit record highs throughout the year amid intensifying trade tensions and global instability. The brief tariff scare added fresh volatility to an already jittery market.
President Donald Trump abruptly declared that gold imports “will not be Tariffed,” ending a week of confusion that shook global bullion markets and pushed futures to all-time highs.
“Gold will not be Tariffed!” Trump posted on Truth Social, offering no explanation. His statement followed fallout from a U.S. Customs and Border Protection ruling that had cast doubt on the tariff status of widely traded bullion bar sizes—one kilogram and 100 ounces.
The July 31 customs letter, first reported by the Financial Times, appeared to classify those bars as subject to country-specific duties, triggering fears of a 39% levy on gold imports under Trump’s “reciprocal” tariff framework. The ruling spurred December futures on the Comex to record highs and ignited concern over disruptions to global supply chains—especially in Switzerland, a major exporter of gold bars to the U.S.
Reuters reported that the White House was drafting an executive order “clarifying misinformation” surrounding specialty product tariffs. The administration, however, had remained silent for days, leaving bullion markets in a holding pattern.
"Delighted to hear the crisis has been averted," said Ross Norman, an independent gold market analyst. “It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable.”
Following Trump’s post, U.S. gold futures fell 2.4% to $3,407 per ounce, while spot prices dropped 1.2% to $3,357. Shares of Barrick Mining slipped 2.8% after releasing earnings, and Newmont— the world’s largest gold producer—dipped slightly to $68.87.
Gold has hit record highs throughout the year amid intensifying trade tensions and global instability. The brief tariff scare added fresh volatility to an already jittery market.