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

Gold futures prices hit a record high on Friday morning after a report signaled that the U.S. slapped tariffs on imports of one-kilo gold bars.

Gold futures rose more than 1% to hit a fresh high of $3,534 before paring some gains ahead of the market open, trading at around $3,478. Meanwhile, spot gold prices (XAUUSD) were only up 0.1% at the time of writing and trading well below their all-time high of over $3,500, seen in April this year. The SPDR Gold Trust (GLD), which tracks spot gold prices, was trading flat in pre-market trade with retail sentiment on Stocktwits edging lower within ‘bullish’ territory over the past day.

According to documents seen by The Financial Times, the Customs and Border Protection agency 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. 

The country is already facing 39% tariffs on exports to the U.S. The decision 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.

This is because when Trump’s “Liberation Day” tariffs were announced, the report noted that several commodities were exempt, including a bullion category widely believed to cover large gold bars.

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

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