US President Donald Trump announced on Monday (August 11) that imported gold bars would not be subject to tariffs and alleviate recent concerns that have caused gold prices to record Maxim. The statement shared through its social media account has not provided any additional details, but helped to alleviate market anxiety.
Gold prices dropped after the announcement
After the announcement of Trump’s futures American gold futures to December supplies dropped sharply and settled by 2.5% to $ 3,404.70 per ounce. Spot Gold also dropped by 1.2%, trading to $ 358.33 from the early afternoon (13:52 et). Other precious metals showed mixed movement: silver dropped by 1.4% to $ 37.78, platinum dropped by 0.4% to $ 1,326.09, while Palladium increased by 2.1% to $ 1,149.25.
Concerns caused by potential gold tariffs last week
Concerns about potential tariffs from golden precious bars arose last Friday after the decision on the website of the US Customs and Borders (CBP) indicated that the widely traded gold bars could face import tariffs specific to countries. This announcement was triggered by the main Swiss gold refinery to stop the shipments to the US, while other industrial players reportedly followed the action.
Concerns gold tariffs add to US business tension
The problem of the gold tariff has developed in the middle of the increased tension of the trade, with the deadline of 12th August approaching the potential business agreement of the US and China, thereby increasing the uncertainty of the market.
Trump to meet Putin at the Ukrainian war action
Meanwhile, President Trump will prepare for a meeting with Russian President Vladimir Putin on August 15 at Alaska, which aims to negotiate the end of the ongoing war in Ukraine.
Upcoming US inflation data
Market observers also carefully monitor the upcoming economic data in the US, while the data on the consumer price index due on Tuesday and the producers’ prices expected on Thursday, which could significantly affect the market sentiment and expectations of inflation.
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