Gold futures in New York surged on Friday after a Financial Times report that imports of one-kilo bullion bars are now subject to US levies, contrary to the market’s assumption that Gold would be exempt from any import tariffs, ING's commodity experts Ewa Manthey and Warren Patterson note.

Gold bar imports may not face US tariffs

"One-kilo Gold bars are the most common form traded on Comex, comprising most of Switzerland’s exports to the US. The news triggered the widest premium of New York futures over London spot since the Covid pandemic. Contracts for December delivery surged to more than $100 above global benchmarks."

"However, this has now eased, with reports that the White House will clarify the issue with an executive order amid suggestions that Gold bar imports won’t face tariffs."