Last Friday, gold futures rose to a new record level in New York after reports that the US tariffs would also apply to the gold market.
Now Trump writes on Truth Social:
”Gold will not be subject to tariffs!”
Friday's concern came after information that American authorities would have said that gold is not exempt, and after Trump announced the previous week that Switzerland would receive import tariffs of 39 percent.
The gold bars traded via Switzerland are part of the global gold market. The gold trade is often described as triangular where gold is usually traded in London or New York but then transshipped to Switzerland for remelting.
However, on Friday, the White House stated that a clarification would come to correct incorrect information about, among other things, gold tariffs, writes CNBC.
