World
‘Gold Will Not Be Tariffed!’ Trump Declares After Days of Market Speculation
By Jake Beardslee · August 12, 2025
President Donald Trump said Monday that his administration will not impose tariffs on gold, ending days of speculation that had unsettled global bullion markets. “Gold will not be Tariffed!” Trump wrote in a brief post on Truth Social, offering no additional details.
The decision followed a U.S. Customs and Border Protection ruling on Friday that suggested widely traded gold bullion bars in the United States could face country-specific import tariffs, a move that threatened to disrupt global supply chains. Switzerland, a major refining and transit hub for gold, would have been among the hardest hit. A White House official told Reuters the administration had been preparing an executive order to “clarify misinformation” about possible tariffs on gold and other specialty products.
Prices fell after Trump’s announcement as investors shifted focus to U.S. inflation data due later this week that could influence Federal Reserve policy. December gold futures dropped 2.5% to $3,404.70 an ounce, pulling back from Friday’s record high sparked by the tariff reports. Spot gold slipped 1.2% to $3,358.33, silver declined 1.4% to $37.78, platinum dipped 0.4% to $1,326.09, and palladium rose 2.1% to $1,149.25. A weaker-than-expected jobs report last week has already fueled expectations for a September Fed rate cut, though stronger inflation readings could delay any move.
Jim Wyckoff, senior analyst at Kitco Metals, told Reuters that with the tariff risk resolved, “the market may be a little bit more bearish,” though prospects for lower interest rates could still benefit gold. He cautioned that higher-than-expected inflation “would be bearish for gold prices.” Independent analyst Ross Norman told Reuters he was “delighted to hear the crisis has been averted,” adding that the disruption from a tariff “would have been incalculable.”
The announcement comes as trade issues remain in focus ahead of Trump’s deadline for a U.S.-China deal and an Aug. 15 meeting in Alaska with Russian President Vladimir Putin to discuss ending the war in Ukraine.