Gold Hit By Surprise US Tariffs, Unleashing New Turmoil

From Bloomberg

US Customs and Border Protection has clarified that one-kilogram and 100-ounce gold bars are subject to reciprocal tariffs enacted by President Donald Trump.

The ruling threatens to disrupt shipments from Switzerland and other key trading and refining hubs, including Hong Kong and London, where prices are now trading at a big discount to the US market.

Traders and analysts are scrambling to understand the full scope and consequences of the ruling, with some questioning whether the dramatic change could be an error on the CBP’s part, according to Nikos Kavalis, managing director at consultancy Metals Focus Ltd.

A US move to put tariffs on imports of gold bars is unleashing fresh turmoil in the bullion market, with prices spiking in New York as dealers brace for a major reordering of global trade flows.