Trump reveals gold will not face tariffs
(MENAFN) US President Donald Trump said Monday that gold will not be subject to tariffs, a statement that prompted a sharp decline in gold futures prices.
“Gold will not be Tariffed!” Trump wrote in a short post on Truth Social.
Prices for gold futures — supported by bars from Switzerland and other major refining and trading hubs — had risen late last week amid speculation that US Customs and Border Protection might classify 1-kilo and 100-ounce bars under a tariff-bearing customs code.
Following Trump’s announcement, August gold futures on the New York Mercantile Exchange fell by more than 2 percent.
The United States recently introduced a 39 percent tariff on goods from Switzerland, a country with substantial gold reserves and a central role in global gold futures settlement.
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