by Sybilla Gross
Gold futures in New York declined as traders awaited clarification from the White House over its tariff policy, after a US government agency stunned the market last week by formally ruling that 100-ounce and one-kilogram bullion bars would be subject to tariffs.
Futures were trading about $62 an ounce over the global spot benchmark on Monday, after surging to a record on Friday before erasing gains as the administration told Bloomberg that it would clarify what it called “misinformation” on the tariffing of gold and other specialty products. The price differential between trading hubs in the US and London fell below $60 an ounce in reaction to the news, after earlier surging to above $100 in response to the initial levy shock.
Washington’s policy has sweeping implications for the flow of bullion around the world, and potentially for the smooth functioning of the US futures contract. The administration had exempted the precious metal from duties back in April, and until there is long-term clarity, traders say, precious metals markets will remain on edge.
“We see the various segments of the gold markets behaving in an orderly manner as the industry awaits this potential clarification,” Joseph Cavatoni, senior market strategist for North America at the World Gold Council, wrote in a post on LinkedIn. “We will continue to monitor the situation and update our research and insights as information becomes clearer.”
The precious metal has climbed about 30% this year, although the bulk of those gains occurred in the first four months as geopolitical and trade tensions rattled the market. On Friday, prices closed higher for a second consecutive week to within around $100 of April’s all-time high.
Traders will be looking to Tuesday’s US inflation print for clues on how the Federal Reserve will approach interest rates in the months ahead. Economists expect that consumer prices, excluding volatile food and energy, rose 0.3% in July, quickening from a 0.2% increase the prior month.
The central bank has been resisting pressure from President Donald Trump to loosen monetary policy, as it seeks to balance the risks of a cooling job market and still-elevated inflation. Lower rates are positive for non-interest bearing gold.
US gold futures were down 1.5% as of 1:47 p.m. in Singapore. Meanwhile, spot gold slipped 0.6% to $3,377.77 an ounce. The Bloomberg Dollar Spot Index edged lower. Silver and platinum fell, while palladium edged higher.
© 2025 Bloomberg L.P.
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