Headline Roundup • August 8th, 2025
US Gold Futures Reach All-Time High Amid Tariff Uncertainty
Summary from the AllSides News Team
In the face of uncertainty over whether US import tariffs would be applied to commonly traded sizes of gold bars, US gold futures have hit a record high.
The Details: The Trump administration clarified that import tariffs would apply to one-kilo gold bars, according to the Wall Street Journal (Center bias). But Bloomberg (Lean Left bias) suggested that the administration will implement a policy excluding gold bars from tariffs, saying, "The White House intends to post an executive order in the near future to clarify what an official called misinformation about the tariffing of gold and other specialty products," based on an anonymous source.
The Numbers: The potential imposition of country-specific import tariffs on the most widely traded gold bullion bars in the US was revealed in a ruling on the US Customs and Border Protection service’s website on Friday. In response to this news, December US gold futures rose 1.2%, peaking at a record $3,534.10 per ounce, according to Reuters (Center). The spread between US gold futures and spot prices has widened, currently sitting at $91.
For Context: This development comes after Switzerland, the world's leading hub for gold refining and transit, failed to negotiate lower levies on its exports to the US, which currently stand at 39%. Amid this uncertainty, some gold refineries, including a large Swiss entity, have paused deliveries of bullion to the US.
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(Reuters/Mike Segar (United States) / Reuters Photos)
U.S. gold futures rose to a record high on Friday amid uncertainty over whether the Trump administration's country-specific import tariffs would apply to the most commonly traded sizes of gold bars.
Washington may place the most widely traded gold bullion bars in the U.S. under country-specific tariffs, according to a ruling on the U.S. Customs and Border Protection Service's website.
That ruling came as a blow to global supply chains for the metal and contributed to the rise in gold futures as markets reacted to its potential impact on the U.S. role...
The Trump administration suggested it would issue a new policy clarifying that imports of gold bars should not face tariffs, after the US government stunned traders by ruling that they would be subject to duties.
The White House intends to post an executive order in the near future to clarify what an official called misinformation about the tariffing of gold and other specialty products. The official detailed the plans Friday on condition of anonymity.
Spot gold and futures prices on New York’s Comex fell after the White House statement.
Gold climbed to a fresh record high on Friday after a U.S. government agency clarified that import tariffs would apply to one-kilo gold bars, sparking turmoil in the global bullion market.
In afternoon trade in Europe, futures rose 1% to $3,488.90 a troy ounce after reaching a peak of $3,534.20 earlier in the session. Prices are on track for a weekly gain of 2.4%.
Gold bars from Switzerland, the world’s largest gold refining hub, previously entered the U.S. duty free. But in a July 31 ruling in response to a...
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