Trump: "No tariffs on gold"... International gold prices plunge 2.5%

Korea Economic Daily

Summary

President Trump declared that tariffs will not be imposed on gold.
Following his remarks, international gold prices reversed their earlier gains and dropped by 2.5%.
The U.S. government’s clarification helped alleviate confusion, but price volatility in the gold futures market increased.

Donald Trump, President of the United States, announced that tariffs will not be imposed on gold, leading to a drop in international gold prices.

On the 11th (local time), President Trump posted on social network services (SNS), "No tariffs will be imposed on gold." He did not mention any specific details.

Recently, as U.S. customs authorities classified 1kg gold bars and 100-ounce (about 3.1kg) gold bars as subject to tariffs and the media reported this, gold prices surged in the international futures market. This move is seen as an effort to calm market confusion.

Previously, the White House clarified that the imposition of tariffs on 1kg gold bars was misinformation, and now President Trump has directly reaffirmed that gold will remain tariff-free.

As a result, gold prices surrendered their earlier gains. On this day, near-month gold futures on the New York Mercantile Exchange closed at $3,404.7 per ounce, down 2.5% from the previous trading day.

Suyoung Kim, Hankyung.com Reporter swimmingk@hankyung.com