Gold futures in New York surged on Friday after a Monetary Instances report that imports of one-kilo bullion bars at the moment are topic to US levies, opposite to the market’s assumption that Gold can be exempt from any import tariffs, ING’s commodity specialists Ewa Manthey and Warren Patterson word.
Gold bar imports could not face US tariffs
“One-kilo Gold bars are the commonest type traded on Comex, comprising most of Switzerland’s exports to the US. The information triggered the widest premium of New York futures over London spot because the Covid pandemic. Contracts for December supply surged to greater than $100 above world benchmarks.”
“Nonetheless, this has now eased, with stories that the White Home will make clear the difficulty with an government order amid options that Gold bar imports gained’t face tariffs.”
