Gold futures hit a new high on news of US tariffs──potentially increasing the appeal of Bitcoin as a safe haven | CoinDesk JAPAN

• On August 8, U.S. gold futures prices reached $3,534 per ounce following reports that the government would impose tariffs on imported gold bullion.
• The rise in import costs accelerates the increase in futures prices, attracting speculative trading.
• This movement may have a ripple effect on the Bitcoin and tokenized gold markets.

Following reports that the U.S. government would impose tariffs on imported gold bullion, gold futures prices in the U.S. surged to an all-time high on August 8. This unusual movement is causing both buying as a safe-haven asset in a market usually unaffected by such trade measures, and new concerns regarding supply-side disruptions.

The most actively traded gold futures contracts in the U.S. rose to $3,534 per troy ounce after the U.S. Customs and Border Protection stated that retaliatory tariffs would be imposed on gold bullion of 1 kilogram and 100 ounces.

Tariffs make imported goods more expensive for buyers in the United States. This cost pressure typically pushes futures prices higher than spot prices, creating arbitrage opportunities for traders.

Such a situation may encourage speculative buying, but at the same time, it is also sending geopolitical signals. Historically, gold has been closer to a currency rather than a competitive product, and it has been considered outside the scope of trade wars.

This movement is noteworthy because a large portion of gold imports to the United States comes from Switzerland, which is one of the countries subjected to the highest tariff rates under this policy. If the cost of this supply source suddenly increases, there is a potential risk of a short squeeze if supply slows down.

Peter Schiff, a critic of Bitcoin and a supporter of gold, stated in a post on X that "Trump's tariffs on 100 ounces and 1 kilogram of gold bullion could bring chaos to COMEX," and continued as follows.

"If longs receive delivery, shorts may rush to buy back to avoid paying a 39% tariff to import bullion from Switzerland, which could cause prices to skyrocket. Even if not imported, such bullion would all likely trade at a premium."

This price increase occurred during a time when interest rates were being lowered in Western countries and global trade tensions were already rising. These factors tend to enhance the appeal of gold as a store of value under economic uncertainty.

Historically, the strong rise in gold has often coincided with the rise of Bitcoin (BTC), which some traders consider an alternative "safe haven asset." Both Paxos Gold (PAXG) and Tether Gold (XAUT), which are tokenized gold products, have seen slight increases in the past 24 hours, while Bitcoin has decreased by about 1%.

The tariffs on gold may become favorable for Bitcoin, which is sometimes described as "digital gold" and is not subject to tariffs. While gold remains a major safe-haven asset, this recent price surge illustrates how policy changes can prompt investors to reassess their options.

A White House official told Bloomberg that President Trump would issue an executive order clarifying that the import of gold bullion should not be subject to tariffs, and referred to previous news regarding tariffs as "misinformation". As a result, both spot gold prices and gold futures prices fell during trading hours on the afternoon of the 8th U.S. time.

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