Gold futures are retreating from an all-time high after the White House clarified that imports of gold bars will not face tariffs after all.
A July 31 report from U.S. Customs and Border Protection indicated that one-kilogram and 100-ounce gold bars would be affected by new levies. That included a new 39% tariff on Switzerland, a large gold exporter.
The news sent commodity investors scrambling, with December gold prices rising to a record $3,534.10 per ounce, per the Financial Times. On the revelation, a White House official told Bloomberg that they planned to clarify that imports of gold bars will not face tariffs.
That same official called it “misinformation about the tariffing of gold and other specialty products.” The White House is expected to post the executive order in “the near future,” per that source.
On the news, Comex gold futures fell. At the time of this writing, they are up just 0.17% to $3,459.70, down 1% from earlier highs. Comex silver futures fell and rose in sympathy.
While the tariff troubles might be short lived for commodity traders, it remains to be seen how long Trump's tariffs will affect investors — and everyday Americans.
The Latest on Tariffs
Litigation taking aim at the legality of the tariffs has been snaking its way through the courts, with lawyers representing small business importers scoring a major victory in the International Trade Court.
That litigation has been appealed by the Trump Justice Department. Arguments have been heard by the U.S. Court of Appeals for the federal circuit and a decision in that lawsuit is due out in short order.
But regardless of the appeal court's decision, it's expected that the case's eventual landing destination will be the Supreme Court, where the case would be heard in the event it were appealed again and taken up by the conservative-led court.
This story is part of Stock Market Today for Aug. 8, 2025. You can read all of the day's market coverage as it happens here.
