By Mark Burton, Jack Ryan, and Yvonne Yue Li
Bloomberg News
via Yahoo News, Sunnyvale, California
Saturday, August 9, 2025
The global gold market relies on a network of banks, refineries and couriers that can fly bullion between key trading hubs at a moment's notice in pursuit of the highest prices. On Friday, a shock US ruling suggesting that the metal would be subject to tariffs plunged that system into chaos.
... Dispatch continues below ...
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The apparent decision by the U.S. Customs and Border Protection agency -- announced privately in a letter to a Swiss refiner on July 31 and made public Friday -- sent gold futures in New York soaring to a record, as insiders warned that the tariffs would have dire consequences for the market.
Then, just as quickly, prices tumbled after the Trump administration suggested imports of gold bars wouldn't face tariffs after all.
It was the latest example of President Donald Trump's trade war triggering wild gyrations in markets, for equities, raw materials, and finished products alike.
Gold bullion is typically treated more as a financial instrument than a physical product, and slapping tariffs on it would have such profound consequences that many traders argued Friday the ruling had to be a mistake.
"The problem was that the government didn't look outside of the question of the physical format and did not take into consideration that this widget was actually gold," said Robert Gottlieb, a former precious metals trader and managing director at JPMorgan Chase & Co. ...
... For the remainder of the report:
https://finance.yahoo.com/news/global-market-based-gold-bars-133000889.html [2]
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