An employee will take over a kilogram of gold makers on Friday, December 22, 2023, at YLG Bullion International Co. in Bangkok, Thailand.
Chaline Thisupa | Bloomberg | Getty pictures
President Donald Trump said on Monday that gold would not be exposed to tariffs and that a judgment of the US customs officers would be depressed, which would be exposed to the precious metal imported from Switzerland at duties.
“Gold is not adorned!” Said Trump in a social post of truth. According to the announcement, Gold Futures closed by 2.48% lower at $ 3,404.70 per ounce.
The precious metal hit a record high on Friday afterwards US customs and border protection decided that 1 kilogram and 100 ounces of gold bars from Switzerland were exposed to the 39% tariff that Trump imposed on the country.
According to the Swiss Precious Metal Association, the judgment would have applied not only for Switzerland, but also for every country that exported gold bars to the USA. In other words, Goldbars would be exposed to the prevailing US tariff rate against the country of origin.
The Swiss Precious Metal Association warned on Friday that the pay decision “could negatively influence the international flow of physical gold”.
