Brief by Shorts91 Newsdesk / 04:52am on 12 Aug 2025,Tuesday Business
U.S. President Donald Trump ended a week of market chaos by declaring gold imports “will not be Tariffed,” easing fears of a potential 39% levy. Confusion began after a July 31 U.S. Customs ruling suggested widely traded bullion bars could face duties under Trump’s “reciprocal” tariff framework, driving futures to record highs. The uncertainty rattled global supply chains, particularly Switzerland’s gold exports to the U.S. Following Trump’s post on Truth Social, U.S. gold futures fell 2.4% to $3,407 per ounce, while spot prices dropped 1.2% to $3,357. Analysts said the announcement brought “enormous relief” to the jittery bullion markets. (PC: X)
