U.S. gold futures gave up earlier gains on Friday, pulling back from record highs after news emerged that the White House is preparing an executive order to clarify its position on gold bar tariffs. This followed a notice on the U.S. Customs and Border Protection website, suggesting that the U.S. may impose country-specific tariffs on commonly traded gold bullion bars. As of 1852 GMT, December U.S. gold futures were flat at $3,454.10 per ounce, after reaching an all-time high of $3,534.10 earlier in the day.
Susannah Streeter of Hargreaves Lansdown noted that gold’s rapid rise highlights how even safe-haven assets are vulnerable to volatility in uncertain trade environments. The gap between futures and spot prices narrowed to $57, down from more than $100 earlier. Spot gold held steady at $3,396.80 per ounce but ended the week 1% higher.
Analysts await more clarity, especially as any tariff could impact Switzerland, the world’s top gold refining hub. Swiss gold deliveries have reportedly paused due to the uncertainty, with U.S. import duties on Swiss goods currently at 39%. Spot silver remained flat at $38.29, while platinum dipped 0.5% and palladium fell 2.2%.
