U.S. White House Plans Clarification on Gold Bar Tariffs Amid Price Volatility

Gold prices experienced a sharp decline after the Trump administration moved to clarify misinformation about tariffs on imported gold bars, which had initially caused futures to surge to record highs. The U.S. Customs and Border Protection's earlier indication that one-kilo and 100-ounce gold bars would face tariffs triggered a market shock, leading to a significant price spike and disruptions in bullion deliveries. The White House announced plans to issue an executive order to address these misunderstandings, calming markets and causing gold futures to retreat from their peaks. This tariff uncertainty has rattled the precious metals market, affecting bullion flows and potentially impacting ETFs tied to gold. Additionally, traders are closely watching upcoming U.S. consumer price index data for signals on Federal Reserve interest rate moves, which influence gold's appeal. Broader geopolitical factors, such as hopes for a ceasefire between the U.S. and Russia, also contribute to market sentiment around gold.