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.

A worker polishes gold bullion bars at the ABC Refinery in Sydney, Australia, on Aug. 5, 2020. David Gray/AFP via 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.”