Gold Bullion Extended Flow to the West Amidst Tariff Dilemma

SEATTLE (Scrap Monster): The World Gold Council (WGC) recently released a report that noted that gold bullion continued to move to the West despite uncertainty surrounding Trump administration tariffs. 

The report states that COMEX inventories started to rise in late 2024 due to concerns that tariffs might affect gold imports, which was a surprising move given that the United States is a major producer and consumer of gold and is self-sufficient in its gold needs. The concerns about broad-based tariffs affected gold prices and trading patterns, and the trend continued into 2025, with COMEX registered inventories showing an increase of almost 9 million ounces as of this writing this year.

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The price of COMEX gold futures contracts and their spread to London spot gold prices increased in tandem with the increase in stockpiles. For example, compared to the two-year average spread of US$13/oz, the difference between the COMEX active gold futures contract and gold spot reached US$40/oz to US$50/oz.

Switzerland was the main supplier of gold imports into the United States, according to Census Bureau data. Hong Kong, Australia, Canada, and Latin America are among the other sources. This is on top of the supply of gold produced by domestic mines, which are then refined domestically.