Key Takeaways
U.S. gold futures hit a record $3,534 per ounce after tariffs were confirmed on imported bars.
Higher import costs are pushing futures above spot prices, fueling speculative buying.
Historically, gold rallies have preceded Bitcoin (BTC) gains during macro uncertainty.
Gold futures surged to an all-time high on Friday after the U.S. government confirmed tariffs on imported gold bars, a rare policy move that jolted the precious metals market and raised fresh questions about safe-haven flows. The most actively traded contract on COMEX climbed to $3,534 per troy ounce after U.S. Customs and Border Protection announced that one-kilogram and 100-ounce bars would face reciprocal tariffs.
Why Tariffs Matter for Gold Prices
Tariffs make imported gold more expensive for U.S. buyers, widening the gap between futures and spot prices and creating arbitrage opportunities. This dynamic often drives speculative trading and can spark a short squeeze if delivery obligations increase.
The move is particularly impactful because most U.S. gold imports come from Switzerland, which received one of the steepest tariff rates under the new policy.
“Trump's tariffs on 100-ounce and 1-kilo gold bars could wreak havoc on the COMEX,” gold advocate Peter Schiff warned on X. “Prices could soar as shorts rush to cover… all such bars will trade at premiums.”
Safe-Haven Ripple Effect for Bitcoin
Gold’s surge comes amid lower interest rate expectations in Western markets and rising global trade tensions — conditions that typically strengthen demand for non-yielding, defensive assets.
Historically, Bitcoin has sometimes tracked gold’s safe-haven momentum, benefiting from similar macro drivers. While BTC slipped 1% over the past 24 hours, tokenized gold products such as PAX Gold (PAXG) and Tether Gold (XAUT) were modestly higher.
With gold now facing tariff-related price distortions, Bitcoin’s appeal as “digital gold” — immune to customs duties — could gain attention among investors seeking portable, policy-resistant stores of value.
Policy Reversal Risk
Late Thursday, gold and futures prices retreated after a White House official told Bloomberg the President would clarify that gold bar imports should not be subject to tariffs, calling earlier reports “misinformation.” If confirmed, such a reversal could unwind part of the speculative premium built into futures prices, according to CoinDesk.
