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- Gold futures in New York whipsaw as tariff confusion sweeps precious metal market</p>
<p>Ines FerréAugust 8, 2025 at 2:53 PM</p>
<p>Gold (GC=F) futures in New York retreated from record intraday highs on Friday after the White House indicated it would clarify its trade position on the precious metal amid reports that imports of Swiss gold bars would not be exempt from tariffs.</p>
<p>"The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products," a White House official told Yahoo Finance.</p>
<p>At around 2:30 p.m. ET, futures on the COMEX exchange traded near $3,461. Futures had hit an intraday high of $4,490 per ounce earlier in the session after a Financial Times report said Customs and Border Patrol classified Swiss one-kilogram and 100-ounce bars of gold as subject to 39% tariffs recently imposed on Switzerland by the Trump administration.</p>
<p>"The move is significant because 1-kilo and 100-ounce gold bars form the backbone of much of the gold trading activity in the United States," Ryan McIntyre, senior managing partner at investment manager Sprott, told Yahoo Finance.</p>
<p>McIntyre highlighted contracts on the Comex with physical delivery requirements are based in large part on Swiss bars, noting "the introduction of tariffs will likely inject additional uncertainty into that market."</p>
<p>Read more: How to invest in gold in 4 steps</p>
<p>The prospect of tariffs on gold bars sent gold futures in New York skyrocketing as traders assessed the implications for transfers of the precious metals and how the futures market could be reshaped.</p>
<p>UK-based Metals Daily CEO Ross Norman said those tariffs would amount to "pouring sand into an otherwise well functioning engine."</p>
<p>Gold inventories in New York skyrocketed earlier this year as institutional investors shipped elevated amounts of physical bars to vaults in Manhattan ahead of tariff announcements.</p>
<p>In late March, inventories reached their highest level since the pandemic in 2021, according to Bloomberg data.</p>
<p>Read more: What to know before buying gold, silver, or platinum from Costco</p>
<p>Gold futures in New York hit intraday record highs on Friday amid reports that imports of Swiss gold bars would not be exempt from tariffs. (Reuters/Angelika Warmuth/ File Photo) (Reuters / Reuters)</p>
<p>Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.</p>
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