Gold mining stocks saw gains in early Friday trading after U.S. authorities confirmed that specific gold bars would be included in President Donald Trump’s reciprocal tariff measures.
Wheaton Precious Metals (NYSE:WPM) led the advance with a 2% increase, followed by Barrick Mining (NYSE:B) up 1.5%, and OR Royalties (NYSE:OR) rising 1.1%. Newmont (NYSE:NEM) added 1%, while Agnico Eagle Mines (NYSE:AEM) and Kinross (NYSE:KGC) each gained 0.7%. The VanEck Gold Miners ETF (AMEX:GDX) rose 1.25%.
This development came after U.S. Customs and Border Protection clarified that gold bars weighing one kilogram and 100 ounces would now fall under the scope of the tariffs recently imposed by President Trump. This update surprised the industry, which had initially believed these bullion types would be exempt.
The tariff announcement sparked immediate market volatility, with gold futures in New York reaching new record levels. The ruling is poised to disrupt global gold trade, especially shipments originating from key refining and trading centers like Switzerland, Hong Kong, and London, where prices currently trade at a steep discount compared to the U.S. market.
Investors and analysts continue to evaluate the broader consequences of the decision, including whether larger 400-ounce bars, central to London’s gold market, might face similar tariffs and what specific rates will apply to leading gold-producing nations.
The unexpected policy shift has introduced uncertainty throughout the precious metals sector, with some experts speculating the decision could face legal challenges.
Wheaton Precious Metals stock price
Agnico Eagle Mines and Kinross stock price
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