Gold Surges to Record High After Report of Tariffs on Gold Bars

A U.S. customs classification has rattled gold markets, but the full scope of tariff implications remains unclear.

Gold bullion bars and coins for sale at Manfra, Tordella and Brookes, Inc. in New York City on Jan. 9, 2003. Mario Tama/Getty Images

Gold futures surged to a fresh all-time high late on Thursday after reports that the U.S. government may have imposed tariffs on the most widely traded gold bars—the one-kilogram and 100-ounce cast types commonly used to settle COMEX contracts.

After spiking above $3,510 per troy ounce on Aug. 7, COMEX gold futures hovered near $3,489 through much of the following day—only to retreat to around $3,458 after the White House pledged to clarify what it called gold tariff “misinformation.”