Gold Futures Reach Record High Amid U.S. Tariff Turmoil, Elevating Bitcoin’s Safe-Haven Appeal
Gold futures spiked to an all-time high on Friday after U.S. President Donald Trump imposed tariffs on imported gold bars — a rare and unexpected move that triggered both safe-haven demand and fears of supply disruption.
The most-traded U.S. gold futures contract surged to $3,534 per troy ounce, following confirmation from U.S. Customs and Border Protection that 1-kilogram and 100-ounce gold bars would be subject to new reciprocal tariffs. The decision marks a dramatic shift in policy for a commodity traditionally considered immune to trade disputes.
The tariffs primarily affect imports from Switzerland, the U.S.’s largest source of refined gold. Market analysts warn the added costs could lead to a short squeeze on COMEX if physical deliveries are delayed.
“Trump’s tariffs… could wreak havoc on the COMEX,” wrote Peter Schiff, a gold proponent and Bitcoin critic, on X. “Prices could soar as shorts scramble to avoid paying 39% tariffs on Swiss bars if longs demand delivery. Even without importing, premiums will rise.”
The broader macro backdrop further fueled the rally. With interest rates declining in the West and global trade tensions rising, investors turned to gold as a traditional safe-haven asset.
Historically, sharp gains in gold have often preceded Bitcoin rallies, as both assets attract capital during periods of economic uncertainty. This time, gold-backed crypto products like PAX Gold (PAXG) and Tether Gold (XAUT) also saw modest increases, while Bitcoin dipped slightly.
Analysts suggest that tariffs on physical gold may strengthen the investment case for Bitcoin, which remains outside the reach of customs duties and border policies — reinforcing its “digital gold” status.
However, the market pulled back late in the U.S. trading session after a White House official clarified that the tariffs would not apply to gold bars, calling earlier reports “misinformation.” Both gold spot and futures prices fell in response to the statement.
