Trump Confirms Gold Exempt from 39% Tariff, Stabilizing Bullion Markets

On Monday, August 11, 2025, former U.S. President Donald Trump announced that gold would not be subjected to tariffs, aiming to quell market uncertainty that had led to significant price volatility. Posting on his Truth Social platform, Trump stated, > "Gold will not be Tariffed!" This declaration followed days of confusion stemming from a U.S. Customs and Border Protection (CBP) ruling that had suggested potential country-specific import tariffs on standard gold bars.

The uncertainty began when the CBP posted a ruling hinting at a possible 39% import tariff on one-kilogram and 100-ounce gold bars, particularly impacting imports from Switzerland. This unexpected notice contradicted earlier statements from Trump regarding gold's exemption from tariff measures. The prospect of such a levy threatened to disrupt global gold supply chains and sent jitters through the precious metals market.

The initial CBP notice had caused gold prices to surge, with U.S. gold futures hitting a record high of $3,534 per ounce on August 8. Following Trump's definitive statement, global gold markets saw a sharp correction. December gold futures on Comex dropped by 2.4% to 2.5%, settling around $3,404 to $3,407 per ounce, while spot gold declined by 1.2% to approximately $3,357.

This decision is particularly crucial for Switzerland, which serves as a major global hub for gold refining and exports. The potential 39% tariff on Swiss gold shipments to the U.S. could have severely impacted this critical route in the international bullion trade. The clarification from Trump provides significant relief, ensuring smoother supply flows and stability for the Swiss precious metals industry.

Industry analysts welcomed the clarity, with Ross Norman, an independent gold market analyst, expressing immense relief, stating, "It will come as an enormous relief to the bullion markets, as the potential for disruption was incalculable." Despite the immediate price correction, gold's appeal as a safe-haven asset remains strong amid ongoing geopolitical tensions and economic uncertainties. The World Gold Council reported a 1% rise in global gold demand in Q1 2025, reaching 1,206 tonnes, indicating continued robust interest in the metal.