An employee handles one kilogram gold bullions at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023.
Chalinee Thirasupa | Bloomberg | Getty Images
President Donald Trump said Monday that gold will not face tariffs, knocking down a ruling by U.S. customs officials that bars of the precious metal imported from Switzerland would face duties.
“Gold will not be Tariffed!,” Trump said in a Truth Social post. Gold futures closed 2.48% lower at $3,404.70 per ounce after the announcement.
The precious metal hit a record high Friday, after U.S. Customs and Border Protection ruled that 1 kilogram and 100 ounce gold bars from Switzerland were subject to the 39% tariff that Trump had imposed on the country.
The Swiss Precious Metal Association had warned that the U.S. customs ruling would apply not just to Switzerland. The ruling would have applied to gold bars imported from any country into the U.S., according to the association.
“We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland,” Christoph Wild, president of the Swiss Precious Metal Association said Friday.
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