
Following a government decision that generated confusion and volatility in the world’s bullion markets, President Donald Trump said on Monday that the United States will not impose taxes on gold imports.
Following Trump’s post, there was minimal movement in gold futures traded on the Comex in New York and the worldwide standard for spot prices in London. Although it was still down more than 1.2% for the day, spot gold recovered some of its losses.
As of Monday afternoon, US agencies had yet to release an official, revised policy. Following US Customs and Border Protection’s shocking decision to impose levies on the imports, a White House official said last week that the administration will release a new guideline outlining whether gold bars would be subject to import taxes.
According to the order, Trump’s country-based taxes on gold bars weighing one kilogram and one hundred ounces would be applied starting on August 7. The move came in the form of a letter that was issued to a Swiss refiner inquiring about gold’s treatment, then posted publicly on the agency’s website.
If the ruling had stood, it may have had a significant impact on the smooth operation of the US futures contract as well as bullion globally. The fact that gold is a worldwide currency and financial asset distinguishes it from other commodities like copper, which have been affected by tariffs.
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