There are nonetheless confusion over US tariffs on 1-kg and 100-oz Gold bar imports from Switzerland. Final seen at 3357 degree, OCBC’s FX analysts Frances Cheung and Christopher Wong be aware.
Gentle bullish momentum on day by day chart intact
“Gold was initially exempted from tariffs (again in Apr) however the letter from customs and border safety company (which was seen by FT) had reclassified this one kilo Gold bar import from Switzerland underneath a customized code that’s subjected to 39% tariff, as an alternative of being tariff-free. Subsequently there was a report from Trump administration quoting an official to counsel that it will problem a brand new coverage clarifying that imports of Gold bars shouldn’t face tariffs.”
“In accordance with the official, the administration intends to submit an government order within the close to future to make clear what it known as misinformation in regards to the tariffing of Gold and different specialty merchandise. As of now, Swiss refiners have stopped sending kilobar Gold to US, pending clarification, which ought to come quickly. Interim confusion might even see heightened volatility.”
“XAU slipped, in response to the report quoting a White Home official. Gentle bullish momentum on day by day chart intact however RSI exhibits indicators of falling. Help at 3350 (21, 50 DMAs), 3290 ranges. Resistance at 3450, 3500 (2025 excessive).”
