Shares of precious metals companies rose on Friday after U.S. authorities confirmed that certain types of gold bars would be subject to new tariffs imposed by President Donald Trump. Wheaton Precious Metals (+2%), Barrick Mining (+1.5%) and OR Royalties (+1.1%) added the most. Newmont shares rose by 1%, Agnico Eagle Mines and Kinross — by 0.7%. VanEck Gold Miners (GDX) ETF increased by 1.25%. The increase occurred against the background of explanations from the US Customs and Border Protection: kilogram bars and 100-ounce bars are now subject to duties, which contradicts previous industry expectations. The news caused gold futures in New York to jump to record levels. At the same time, in Switzerland, Hong Kong and London – the key centers of refining and trading — gold is trading at significant discounts to the American market. The market is currently assessing whether the restrictions will affect larger bars (for example, 400 ounces is the standard for London) and which tariffs will apply to producing countries. Uncertainty is also increasing due to possible legal disputes over the new regulation.
