White House Plans Gold Bar Tariff Clarification After Confusion Sends Gold Soaring: Report

The White House is reportedly planning to issue an executive order to clear up any confusion around tariffs on gold bars after futures linked to the precious metal hit a record high on Friday.

“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,” a White House official told the Financial Times.

The update comes after the publication cited documents on Thursday from the Customs and Border Protection agency, which said one-kilo and 100-ounce gold bars should be classified under a customs code subject to levies. One-kilo bars are the most common form of gold traded on Comex and would deal another blow to Switzerland. 

On Friday, gold futures hit a record high of $3,534 before paring off some of the gains. Gold futures were trading 0.3% higher at the time of writing, at around $3,463. Spot gold prices, on the other hand, edged 0.01% lower in afternoon trade.

The SPDR Gold Trust (GLD) fell 0.15% while retail sentiment on Stocktwits remained in ‘bullish’ territory over the past day. 

The decision to classify gold bars as subject to tariffs was a surprise to most market watchers, who had expected that gold bars would be exempt from President Donald Trump’s newly announced tariffs, according to the report. When Trump’s “Liberation Day” tariffs were initially announced, several commodities were exempt, including a bullion category widely believed to cover large gold bars.

Gold has been rallying this year, up nearly 30% so far. The decline of the U.S. dollar, inflation concerns, and rising government debt levels have contributed to its uptick.

Read also: Gold Futures Hit Record High As US Reportedly Plans Tariffs For Gold Bars

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