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The confusion began last week with a statement from the US Customs and Border Protection (CBP) agency.
US markets witnessed a sharp increase in gold prices on August 8 (Pexels/Representative Image)
US President Donald Trump issued a statement via social media on Monday, confirming that no tariffs will be imposed on gold imports. The announcement aims to dispel growing speculation and uncertainty surrounding the import of gold bars into the US, following last few days of conflicting signals from government agencies.
The confusion began last week when the US Customs and Border Protection (CBP) agency published a ruling on its official website suggesting the possibility of country-specific import tariffs on standard one-kilo and 100-ounce gold bars. This unexpected notice triggered a sharp increase in gold prices across US markets, with prices soaring to an all-time high on August 8. The announcement also directly contradicted a prior statement from the White House, in which President Trump had explicitly stated that gold bars would be exempt from any tariff measures.
The inconsistency between the CBP ruling and the administration’s earlier stance led to confusion among investors, traders, and financial institutions. On August 8, the administration clarified that they will soon announce the official stand on tariffs on gold imports to clarify any “misinformation”, mentioned a Reuters report.
The clarification, issued on Monday, is expected to stabilise the precious metals market and restore investor confidence. This decision is expected to have a significant impact on global gold trade.
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Washington D.C., United States of America (USA)
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