U.S. gold futures trimmed earlier gains on Friday, pulling back from record highs, after reports emerged that the White House is preparing an executive order to clarify its position on gold bar tariffs. This development came after the U.S. Customs and Border Protection website published a ruling suggesting that the most commonly traded gold bullion bars might soon be subject to country-specific import duties. December U.S. gold futures settled at $3,454.10 per ounce by 1852 GMT, down from a peak of $3,534.10 earlier in the session.
Susannah Streeter of Hargreaves Lansdown noted that gold’s sudden rise reflects how even traditionally stable assets aren’t immune to tariff-related volatility. The gap between U.S. futures and spot gold prices narrowed to $57, from over $100 earlier. Spot gold held at $3,396.80 per ounce and rose 1% over the week. UBS warned that if the tariff remains, price spreads between Comex and London gold could widen, increasing arbitrage opportunities. The potential tariff could significantly impact Switzerland, the global leader in gold refining, where import duties on Swiss goods currently stand at 39%. Some Swiss refineries have temporarily halted gold shipments to the U.S. amid uncertainty.
