Reports of U.S. tariffs on imported gold bars under the Trump administration were inaccurate, according to the White House, which plans to issue an executive order to clarify. NewsMax Money reports that confusion over the tariffs caused gold futures to hit a record $3,534.10 before retreating as markets corrected. Traders are now eyeing upcoming U.S. inflation data, which could influence gold prices and Federal Reserve rate expectations. They write:
Reports that the Trump administration had imposed tariffs on imported gold bars were inaccurate, according to a White House official.
News reports on Thursday, citing a July 31 letter from Customs Border Protection, said the United States had imposed tariffs on imports of one-kilo (2.2-pound) and 100-ounce gold bars, including stamped gold bars from Switzerland.
“The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products,” the White House official told Axios. […]
“Lower-than-expected CPI prints that bolster bets for Fed rate cuts by year-end may restore spot gold above the psychological $3,400 level,” Tan said.
A recent softer-than-expected U.S. jobs report has seen markets price in a near 90% chance of a September rate cut and at least one more reduction by year-end. Lower rates typically benefit non-yielding gold.
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