United States President Donald Trump on Monday said gold imports will not face additional tariffs, calming confusion that had rattled bullion markets after a U.S. customs letter suggested certain standard-weight gold bars could be subject to duties. Trump posted on Truth Social, “Gold will not be Tariffed!” but gave no further details.
The earlier customs notice had indicated that gold bars at two common weights—one kilogram and 100 ounces (about 2.8 kg)—should be classified in a way that made them liable for duties, touching off uncertainty about whether broader tariff hikes would apply to the precious metal. The suggestion of levies briefly sent gold futures tumbling: U.S. gold futures fell 2.4% to $3,407 per ounce after Trump’s post, and global spot benchmarks eased as well.
The market volatility followed a period of record highs for gold—driven by tariff worries and geopolitical tension—culminating last Friday when December gold on Comex hit a fresh peak. Major gold producers saw share weakness: Barrick Mining slid about 2.8% after its quarterly results, while Newmont edged lower.
A White House official had signalled last week that an administration policy clarification on gold bar tariffs was forthcoming, and the customs ruling letter, intended to clarify trade policy, surprised markets that had expected a different customs classification that would spare bullion from the recent countrywide levies.
Authorities and market participants are now watching for any formal guidance or documentation that further explains Washington’s stance, but for the moment Trump’s post has reduced the immediate premium on futures and eased some investor concerns.
