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The global gold market has been thrown into fresh turmoil after a US government agency indicated that bullion would not be exempt from tariffs.

Imports of one kilo and 100-ounce gold bars are subject to reciprocal tariffs, according to a July 31 Customs and Border Protection letter reviewed by CNN. The revelation perplexed Wall Street traders, who had expected bullion to be exempt from duties.

A tariff on gold would hike the cost of importing the metal into the United States, throwing a costly wrench into a global supply chain that flows between hubs in London, New York and cities in Switzerland.

The White House on Friday afternoo

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