Overview

• President Trump declared on Truth Social that imported 1kg and 100oz gold bars would not face U.S. tariffs, overturning a July 31 CBP letter that had classified them under country-based duties.
• U.S. December gold futures fell about 2–2.5% to near $3,400 an ounce and spot prices eased roughly 1–1.6% after the announcement, narrowing the wide COMEX-London premium.
• Physical shipments of large cast bars, which had been held in bonded warehouses during the confusion, are now moving again as traders seek assurance from U.S. agencies.
• Swiss industry representatives warned that the initial CBP classification threatened more than $30 billion in quarterly bullion exports from Switzerland’s refineries.
• Despite the presidential exemption, no formal executive order or updated CBP guidance has been published, leaving market participants awaiting a binding written policy.