New York gold futures surge in premium over spot prices, United States reported to impose import tariffs on one kilogram gold bars.

The New York gold futures premium rose when the Asian markets opened on Friday, following a news report stating that the US has imposed import tariffs on one kilogram gold bars. The price of December gold futures contracts was temporarily $102 higher than the London benchmark spot gold price, but has since fallen to approximately $96. According to a letter from the US Customs and Border Protection agency dated July 31st, 1 kilogram and 100 ounce gold bars - which are used for the delivery of most contracts on the New York Mercantile Exchange - should be categorized under a customs code that requires tariffs to be paid.