US gold futures pare gains after official says White House to clarify tariff policy on bullion bars

U.S. gold futures pared gains on Friday, retreating from record high levels, after reports that the White House plans to issue an executive order clarifying the country’s stance on gold bar tariffs.

The statement from White House official on the upcoming executive order follows a ruling posted by the U.S. Customs and Border Protection service’s website, indicating that Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs.

December U.S. gold futures were steady at $3454.1 per ounce as of 1852 GMT, after hitting a record $3,534.10 earlier in the session.

“Gold’s panic ascent shows that even safe haven assets are not immune to the volatility unleashed in the confusion of the tariff age,” Susannah Streeter, head of money and markets, Hargreaves Lansdown.

The spread between U.S. gold futures and spot prices widened, and currently sits at $57, down from over $100 earlier in the session. Spot gold steadied at $3,396.8 per ounce as of 2:52 p.m. ET (1852 GMT), but was up 1% for the week.

UBS noted that if the tariff sticks, it expects the premium between Comex futures and London ones to rise further, as will arbitrage opportunities between alternative refinery hubs. Analysts broadly noted that they are awaiting further clarity on the issue, adding that a U.S. tariff on gold deliveries could significantly affect Switzerland, given its status as the world’s leading hub for gold refining and transit. Swiss goods are subject to U.S. import tariffs of 39%, and the country is continuing discussions with the United States about reducing the levies.

Some gold refineries, including a large Swiss entity, have paused deliveries of bullion to the United States due to uncertainty, two sources familiar with the matter told Reuters.

Elsewhere, spot silver was steady at $38.29, platinum fell 0.5% to $1,327.85, and palladium was down 2.2% at $1,125.48.