President Donald Trump issued a definitive statement on August 11, 2025, via social media, confirming that gold imports will not be subject to U.S. tariffs. This announcement aimed to quell market anxieties that had been heightened by a recent ruling from U.S. Customs and Border Protection (CBP). The CBP's initial classification had suggested that certain gold bar imports, specifically one-kilogram and 100-ounce bars, could be subject to tariffs, a move that threatened to disrupt global trade flows. The uncertainty had a palpable effect on the market, with U.S. gold futures experiencing a temporary surge and premiums exceeding $100 compared to London spot prices. Switzerland, a major global player in gold refining processing approximately 70% of the world's gold, was closely monitoring these developments due to its pivotal role in the international gold supply chain. In response to the market volatility, the White House had indicated plans for an executive order to address what it termed "misinformation" regarding gold bullion tariffs.
Following President Trump's clear statement, gold futures saw a notable decline of 2.4%, settling at $3,407 per ounce, while the global benchmark spot gold also fell by 1.2% to $3,357. Despite these short-term fluctuations, investor sentiment towards gold remains robust, with many viewing such policy shifts as potential catalysts for future price appreciation. However, the situation highlighted the broader market instability that can arise from unpredictable governmental trade policies, noting the White House's history of frequent revisions to tariff announcements. As of August 11, 2025, the SPDR Gold Shares ETF (GLD) reflected the market's adjustment, trading at $308.55, a decrease of 1.43% from its previous closing price. The Swiss Association of Precious Metals Manufacturers and Traders had previously stated that a 39% tariff would have rendered exports economically unviable, underscoring the potential impact on key trading partners.