New York (CNN) — 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 afternoon called potential tariffs on gold “misinformation” and said it would clarify the issue.

“The White House intends to issue an executive order

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