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Tariff shock sends gold futures soaring – yet spot market holds the real signal
Gold futures on the COMEX exchange in New York soared overnight relative to the London spot price after an article in the Financial Times suggested the US would now—counter to expectations—apply tariffs on imports of 1 kg and 100 oz bars adding a fresh blow to Switzerland, the world’s largest refining hub. One-kilo bars are the most common form traded and accepted into vaults monitored by the COMEX exchange, and Switzerland is often used as the refining hub between the London bullion market, which generally trades in 400-ounce bars (12.44 kg), and the smaller sizes mostly traded and accepted in the US market. ... (full story)
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*WHITE HOUSE TO CLARIFY MISINFORMATION ON GOLD TARIFFS: OFFICIAL White House Official Says "Gold Order To Be Posted In Near Future
A US move to put tariffs on imports of one-kilogram and 100-ounce gold bars threatens to upend trade flows from Switzerland and other key refining hubs including London and Hong Kong and sent gold futures in New York surging to a record high. Brendan Murray reports on Bloomberg Television.
The US has slapped tariffs on imports of one-kilo gold bars, in a move that threatens to upend the global bullion market and deal a fresh blow to Switzerland, the world’s largest refining hub, Report informs via The Financial Times. The Customs Border Protection agency said one-kilo and 100 ounce gold bars should be classified under a customs code subject ...
