Amid confusion about tariffs on gold bars, international gold prices hit an all-time intraday high

Gold futures prices fluctuated sharply on the 8th (local time). This was due to ongoing confusion over whether the Donald Trump administration would impose tariffs on 1kg gold bars.

On this day, gold futures for near-month delivery on the New York Mercantile Exchange closed at $3,456.2 per ounce, up 0.1% from the previous session at the close of the New York stock market.

Earlier, the Financial Times (FT) reported, citing a customs determination by the U.S. Customs and Border Protection (CBP) dated the 31st of last month, that 1kg gold bars and 100-ounce (about 3.1kg) gold bars were classified as subject to tariffs. As a result, New York gold futures temporarily surged to $3,534 per ounce (up 2.3%) during the session, hitting an all-time high.

However, after a report emerged that the White House would exclude 1kg gold bars from the tariff list, the price returned to around its previous level.

Bloomberg, citing a written statement from an anonymous White House official, reported that an executive order to clarify inaccurate information regarding tariffs on gold and other special products is expected to be announced soon.

According to Reuters, spot gold remained steady at $3,395.8 per ounce as of 4 p.m. Eastern Time.

Yonghyun Shin, Hankyung.com reporter yonghyun@hankyung.com