As Gold Futures Climb on Tariff Fears, Bitcoin Gains Ground as Alternative Safe Haven

Gold Futures Spike to All-Time High on Tariff News, Spotlighting Bitcoin as a Borderless Safe Haven

Gold futures surged to a historic high Friday after U.S. President Donald Trump announced tariffs on imported gold bars, igniting safe-haven demand and raising fears of supply disruptions in a market unaccustomed to such trade restrictions.

The most actively traded U.S. gold futures contract soared to $3,534 per troy ounce after U.S. Customs and Border Protection confirmed new reciprocal tariffs on 1-kilogram and 100-ounce bars. The move surprised markets, as gold has traditionally remained outside the crosshairs of trade policy due to its monetary-like nature.

The tariffs, which affect gold imports predominantly from Switzerland—a major supplier to the U.S.—are expected to drive up domestic prices and create arbitrage opportunities in futures markets. Analysts warn this could lead to speculative buying and even a short squeeze on COMEX if physical delivery becomes constrained.

“Trump’s tariffs could send shockwaves through COMEX,” said longtime gold advocate and Bitcoin critic Peter Schiff on X. “If longs demand delivery, shorts could face steep premiums or punitive tariffs just to import bars.”

The announcement came amid declining Western interest rates and mounting global trade tensions, conditions that historically strengthen gold’s role as a store of value. The rally also drew attention to Bitcoin, often viewed as a digital counterpart to gold, especially in times of geopolitical stress.

Tokenized gold assets like PAX Gold (PAXG) and Tether Gold (XAUT) posted moderate gains in the past 24 hours, while Bitcoin edged down roughly 1%. Still, the policy shock may bolster Bitcoin’s appeal, given its immunity to cross-border tariffs and its reputation as “digital gold.”

The excitement cooled later in the U.S. trading day after a White House official told Bloomberg that the tariff news was inaccurate, and that no such policy would be enforced. Both gold futures and spot prices pulled back on the clarification.

While the dust has yet to settle, the episode underscores how policy surprises in traditional markets can amplify the appeal of decentralized, untethered alternatives like Bitcoin—especially when safe-haven demand spikes.