Earlier this week, President Donald Trump posted that he wouldn’t impose tariffs on gold. This announcement was welcomed by the international bullion markets, as it resolved uncertainty that the precious metal would be entangled in the ongoing international trade tensions.
It came after U.S. Customs and Border Protection posted on its site that the American government might impose import duties on popular gold bullion bars, based on their country of origin, a move that could shake up global gold trade flows. Shortly after this, a White House spokesperson told Reuters that the Trump administration was drafting an executive order to address confusion or incorrect claims about gold bar tariffs and other specialty imports.
The U.S. imposing a tariff on the precious metal would have been particularly damaging to Switzerland, a key center for gold refining and trade.
Independent gold market analyst, Ross Norman, stated that he was pleased to learn the crisis had been avoided. He noted that it would be a tremendous relief for bullion traders as the scale of potential disruption was beyond measure.
U.S. gold futures saw their prices decline to $3,407 an ounce after President Trump’s announcement, representing a 2.4% drop. The yellow metal’s global benchmark also declined to $3,357 an ounce, representing a 1.2% drop.
Barrick Mining’s shares also dropped 2.8% earlier in the week after the firm posted results from their latest quarter. This comes after the firm recorded a $1.04 billion loss for Q2 after losing control of one of its gold mines in Mali. The firm has been in conflict with military rulers in the Western Africa country over unfair contracts with previous governments, which has resulted in the arrest of Barrick’s employees and suspension of gold exports.
Despite this, their results show that the revenue for the quarter totaled $3.68 billion, quite an increase from the $3.16 billion recorded in 2024. Gold production for the quarter added up to 797,000 ounces, a drop from 948,000 ounces recorded in 2024. Barrick also saw their production of copper rise to 59,000 tons.
Newmont, the biggest gold miner in the world, also saw their shares drop slightly to $68.87 an ounce. The firm’s Q2 results were strong, with a net income of $2.1 billion and an output of 1.5 million gold ounces from its Core Portfolio. In addition to this, Newmont produced 36,000 tons of copper.
Both firms are major producers of gold in the U.S. The clarification that gold wouldn’t be subjected to import tariffs by the U.S. settles jitters in the industry and removes a potential headache that could have presented itself to gold industry actors like Aston Bay Holdings (OTCQB: ATBHF) (TSX.V: BAY) as they conduct their operations.
NOTE TO INVESTORS: The latest news and updates relating to Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) are available in the company’s newsroom at https://ibn.fm/ATBHF
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