Gold bars are also not exempt from tariffs, and the price of New York gold futures hit a new high.

The price of gold futures for December delivery on the New York Mercantile Exchange rose to a historic high of $3534.1 per ounce in early Asian trading on the 8th. The previous day, the Financial Times reported that the US government had imposed tariffs on imported gold bars weighing 1 kilogram. The report said that this news came from a letter from the US Customs and Border Protection on July 31. The letter stated that 1 kilogram and 100 ounce gold bars should be classified under a tariff code that requires a higher tax rate. Spot gold traders had originally expected the US government's tariff measures to exempt 1 kilogram or 100 ounce gold bars, but the decision by Customs and Border Protection dampened their expectations. Robert Gottlieb, former precious metals trader and managing director at J.P. Morgan, told Bloomberg, "Gold flows back and forth between central banks and reserves globally. We never thought it would be affected by tariffs." The Financial Times reported that 1 kilogram gold bars are the most common form of trading on the world's largest gold futures market - the New York Mercantile Exchange. It is currently unclear whether other sizes of gold bars, such as the 400 ounce bars traded in the London market, are also affected by the new US tariff policy. Bloomberg cited a statement from a large refinery manager, saying that if not affected by the new tariffs, these gold bars could be shipped to the US and refined into 1 kilogram bars.