U.S. gold futures surged to an all-time high of $3,534 per ounce on Friday after President Donald Trump announced tariffs on imported gold bars, sparking a wave of safe-haven buying and market speculation.
The most actively traded COMEX contract rallied sharply following confirmation from U.S. Customs and Border Protection that one-kilogram and 100-ounce bars would face reciprocal tariffs. The move is unusual in the gold market, which is typically shielded from trade-war measures.
Tariffs Trigger Price Spike and Speculation
The new tariffs make imported gold more expensive, pushing futures prices above spot prices and creating arbitrage opportunities. This has fueled speculative buying and raised concerns over potential short squeezes, particularly as most U.S. gold imports come from Switzerland — a top target of the tariff policy.
“Trump's tariffs on 100-ounce and 1-kilo gold bars could wreak havoc on the COMEX," said gold advocate Peter Schiff. "Prices could soar as shorts rush to cover to avoid paying 39% tariffs."
Impact on Bitcoin and Tokenized Gold
Historically, gold price surges during macro uncertainty have also benefited Bitcoin (BTC), often dubbed “digital gold.” While BTC slipped about 1% in the past 24 hours, tokenized gold products like PAX Gold (PAXG) and Tether Gold (XAUT) saw modest gains.
Analysts note that tariffs on physical gold could strengthen Bitcoin’s appeal, as it remains free from customs duties and is globally transferable without physical delivery risks.
White House Clarification
Later in the day, a White House official told Bloomberg that an executive order would clarify that gold bar imports will be exempt from tariffs, calling earlier reports “misinformation.” This led to a brief pullback in both spot and futures prices.
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