Gold Prices Back Away From Record High – White House to Clarify ‘Misinformation’ on Bullion Tariffs
There is a lot of turmoil in the gold world these days. Gold hit a new record high on Friday, when a report came that the U.S. has imposed tariffs on one-kilogram gold bars. This news created a bullish atmosphere in the market, but after a few hours a statement from the White House changed the picture. Now the White House has said that it will clarify the “misinformation” spread on gold tariffs.
Gold Prices Create Historic Highs in Futures Market
Last week gold futures increased their value by 2.7% to reach $3,439.10 per troy ounce, which is an impressive performance. On Friday itself, gold futures crossed the intraday high of $3,500 per troy ounce. This number was a historical moment not only for traders but also for gold investors. The settlement record made on Thursday was also slightly less than this week’s high – just under $3,454 per ounce.
Gold Prices React to White House Announcement
But as the White House announced in the afternoon that it was clarifying gold tariffs, active gold futures lost much of their gains. Market optimism cooled slightly and prices were up just 0.3%. This means that the news had a direct impact on gold’s short-term movement.
Gold Prices and New U.S. Customs Ruling
According to the Financial Times, a ruling letter came on July 31 in which the U.S. Customs and Border Protection agency said that one-kilo and 100-ounce gold bars would be classified under a new customs code. The direct meaning of this classification is that tariffs could be imposed on them. This development has become a major concern for traders and importers who do large-scale trade in gold.
U.S. Customs and Border Protection and the White House have not yet given a direct answer to media questions. But it is clear that if tariffs are implemented, it will definitely have an impact on global gold trade.
Gold Prices in 2025 – A Strong Year Despite Uncertainty
Gold’s performance this year has been excellent anyway – a jump of almost 32%. A major reason behind this is that investors feel that the U.S. economy may weaken and the Federal Reserve will soon cut interest rates. At such times people shift their assets to safe havens, and gold is historically considered a reliable safe haven.
If tariffs are imposed, this could have another bad impact on Switzerland. Switzerland is one of the most important gold refining hubs in the world, and just a few days ago the U.S. imposed 39% tariffs on Switzerland. These new levies could be a double blow for them.
Gold’s journey is currently full of both uncertainty and opportunity. In the short term, prices will move up and down based on news and policy changes, but gold can still become a strong asset class for long term investors – it is just important to understand that there is a story behind every market move.
Disclaimer:
The information given in this article is for general informational purpose only. This is not any financial or investment advice. Before investing in gold or any asset, definitely take advice from your financial advisor. The purpose of this article is to provide you with fresh updates. The article is written keeping in mind all the policy norms of Google Search Engine – without any spamming, keyword stuffing, or duplicate content.
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