Gold futures surge above $3,500 to all-time high amid U.S. tariff concerns

Gold futures hit an all-time high of $3,534 on Thursday after reports of the White House’s plans to issue an executive order imposing tariffs on gold.

A White House official told Reuters that an executive order is expected in the near future, which would provide clarity for misinformation regarding tariffs on gold bars and other products.

Gold futures spike to an all-time high after tariff report

Gold futures are standardized contracts that agree to trade gold at that time, but with a settlement day in the future. The terms, including the amount and price, are decided when the contract is made. The settlement day is when the actual trade takes place, with the delivery and payment being conducted.

December U.S. gold futures were priced at $3,452 per ounce at 7 p.m. Thursday, before rocketing upwards to $3,534 as of 10 p.m. following the report.

“Gold’s panic ascent shows that even safe haven assets are not immune to the volatility unleashed in the confusion of the tariff age,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, said, according to Reuters.

The U.S. gold futures continuous contract has increased 40.05% in the past year. The gold futures increase has outpaced the E-Mini S&P 500 futures continuous contract by more than double in the same period, with the S&P only up 19.99%, as of this reporting.

BREAKING: Gold prices officially surge above $3,500/oz and enter record high territory.

This puts gold prices up +43% over the last 12 months, more than DOUBLING the S&P 500’s return. pic.twitter.com/JOsbYQabBX

— The Kobeissi Letter (@KobeissiLetter) August 7, 2025

Analysts have noted that they are still awaiting further clarity on the executive order. A U.S. tariff on gold deliveries could crucially affect Switzerland, as it holds the status as the world’s leading country for gold refining and delivery, according to Reuters.

Switzerland is subject to U.S. import tariffs of 39%, although the country is continuing to discuss with the United States about reducing the current tariffs.

“We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland,” Christoph Wild, president of the Swiss Precious Metals Association, stated.

The U.S. Customs and Border Protection claimed this week that one kilogram and 100 ounces of gold bars will not be excluded from the tariffs.

“It must be noted that this clarification does not apply exclusively to Switzerland but to all 1kg and 100oz gold cast bars imported into the USA from any country,” the Swiss Precious Metals Association said.

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