Donald Trump Rules Out Tariffs On Imported Gold Bars, Eases Market Fears

(MENAFN- Live Mint) S President Donald Trump announced on Monday (August 11) that imported gold bars would not be subject to tariffs, easing recent concerns that had driven gold prices to record highs. The statement, shared via his social media account, offered no further details but helped ease market anxieties.

Gold prices drop after announcement

Following Trump's announcement, US gold futures for December delivery fell sharply, settling 2.5% lower at $3,404.70 an ounce. Spot gold also dropped 1.2%, trading at $3,358.33 as of early afternoon (1:52 p.m. ET). Other precious metals showed mixed movement: silver declined 1.4% to $37.78, platinum dipped 0.4% to $1,326.09, while palladium rose 2.1% to $1,149.25.

Concerns sparked by potential gold tariffs last week

Concerns about potential tariffs on gold bullion bars arose last Friday after a ruling on the US Customs and Border Protection (CBP) website suggested that widely traded gold bars could face country-specific import tariffs. This announcement prompted a major Swiss gold refinery to halt shipments to the US, with other industry players reportedly following suit.

Gold tariff fears add to US-China trade tensions

The gold tariff issue unfolded amid heightened trade tensions, with the August 12 deadline looming for a potential US-China trade agreement, adding to market uncertainty.

Trump to meet Putin on Ukraine war negotiations

Meanwhile, President Trump is set to meet Russian President Vladimir Putin on August 15 in Alaska, aiming to negotiate an end to the ongoing war in Ukraine.

Upcoming US inflation data

Market watchers are also closely monitoring upcoming US economic data, with consumer price index figures due on Tuesday and producer price data expected on Thursday, both of which could significantly impact market sentiment and inflation expectations.

Also Read | Gold miners awaiting US clarity on gold bar tariffs, Barrick CEO says

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