The gold market faced significant developments throughout 2025 as participants responded to evolving drivers, including US tariff policies. After considerable uncertainty, the White House1 clarified that gold imported for investment purposes would be exempt from tariffs under the International Emergency Economic Powers Act (IEEPA) 2. However, the story may not end with this exemption. The Supreme Court’s ongoing review of the Trump administration’s application of IEEPA tariffs3 will have broad implications for commodity markets, especially gold. This blog, prepared in collaboration with Brownstein Hyatt Farber ... (full story)