(Fixes typographical error in headline in story from August 11)
(Reuters) -U.S. President Donald Trump on Monday mentioned he wouldn’t impose tariffs on gold, a transfer welcomed by world bullion markets and which ended days of hypothesis that the yellow steel might be caught up within the ongoing world commerce spat.
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“Gold is not going to be Tariffed!” Trump mentioned in an announcement posted on his social media account. He gave no particulars.
The U.S. Customs and Border Safety had posted a ruling on its web site on Friday saying that Washington may place probably the most extensively traded gold bullion bars in the US below country-specific import tariffs, which might have rocked the steel’s world provide chains.
In response, a White Home official instructed Reuters on Friday that the Trump administration was getting ready an govt order “clarifying misinformation” about tariffs on gold bars and different specialty merchandise.
A U.S. gold tariff would have been particularly dangerous for Switzerland, a significant refining and transit hub for gold. Trump’s Monday publish removes that concern.
“Delighted to listen to the disaster has been averted,” mentioned Ross Norman, an impartial gold market analyst. “It’s going to come as an infinite reduction to the bullion markets, because the potential for disruption was incalculable.”
U.S. gold futures dropped 2.4% to $3,407 per ounce after Trump’s publish on Monday, decreasing a premium over spot gold, the worldwide benchmark, which fell 1.2% to $3,357.
Shares of Barrick Mining fell 2.8% on Monday afternoon after the corporate posted quarterly outcomes, whereas shares of Newmont – the world’s largest gold miner – had been down barely to $68.87. Each firms are main U.S. gold producers.
(Reporting by Pratima Desai, Ernest Scheyder and Jasper Ward; writing by Susan Heavey; Modifying by Leslie Adler)
