Crypto News: Gold Futures Reach Historic High Amid Tariff Shock in the U.S. — Could Bitcoin Benefit?

Key Points

U.S. gold futures reached a record $3,534 per ounce after tariffs on imported bullion were confirmed.

Higher import costs are pushing futures above spot prices, fueling speculative buying.

Historically, increases in gold have preceded gains in Bitcoin (BTC) during macroeconomic uncertainty.

Gold futures surged to a historic high on Friday after the U.S. government confirmed tariffs on imported gold bars, a rare political move that shook the precious metals market and raised new questions about safe-haven flows. The most traded contract on COMEX rose 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 lead to 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 highest tariff rates under the new policy.

"Trump's tariffs on 100-ounce and 1-kilo gold bars could wreak havoc on COMEX," warned gold advocate Peter Schiff on X. "Prices could soar as shorts rush to cover... all those bars will trade at premium prices."