U.S. gold futures pulled back on Friday after touching record highs earlier in the day, as traders reacted to reports that the White House is preparing an executive order to clarify the country’s position on tariffs for gold bullion bars.
The move follows a posting on the U.S. Customs and Border Protection website suggesting that Washington could subject some of the most widely traded gold bars in the United States to country-specific import duties.
December gold futures settled at $3,454.10 per ounce as of 1852 GMT, down from an intraday record of $3,534.10. Spot gold steadied at $3,396.80, still up 1% for the week.
Analysts said the panic ascent of gold demonstrated that even safe-haven assets were no exception to the volatility unleashed by confusion about tariffs: “Gold, in panic mode, is a hot-tub full of melty ice cubes spreading anxiety about Central Banks and tariff walls being knocked down.
U.S. futures, which had been more than $100 higher than spot prices earlier in the session, traded $57 to $65 lower during the day. A permanent tariff would push that premium higher, particularly across Comex and London contracts, analysts say, while increasing arbitrage opportunities via other refining hubs.
UBS analysts pointed out that Switzerland could be among the hardest hit, given its position as the world’s leading gold refining and transit center. Swiss goods currently face U.S. import tariffs of 39%, and Bern is in ongoing talks with Washington to lower those duties.
Two sources told Reuters that some refineries, including a major Swiss player, have paused bullion shipments to the United States amid the uncertainty.
Other precious metals were mixed. Spot silver held at $38.29 per ounce, platinum slipped 0.5% to $1,327.85, and palladium dropped 2.2% to $1,125.48.
