Gold: Tariff relief for the metal industry – ING

Gold hit a record high following the announcement of reciprocal tariffs, ING's commodity experts Ewa Manthey and Warren Patterson note.

Gold flows into the US may slow down

"Gold hit a record high following the announcement of reciprocal tariffs, with spot prices nearing US$3,170/oz at one stage. These tariffs will raise global growth concerns. There will also be uncertainty over how trading partners retaliate, which is likely to continue to support gold."

"However, the tariff announcement did provide some relief to metal markets. It's becoming clear that steel and aluminium imports won't be subject to these tariffs. The same with gold and copper. The exemption for gold means that we could start seeing a slowing of gold flows into the US."