Record Gold Futures Spark Renewed Interest in Bitcoin as Investors Seek Tariff Protection

Gold futures surged to an all-time high on Friday after U.S. President Donald Trump announced tariffs on imported gold bars — a move that rattled markets and fueled demand for traditional and digital safe-haven assets.

The most active U.S. gold futures contract soared to $3,534 per troy ounce following confirmation from U.S. Customs and Border Protection that new reciprocal tariffs would apply to standard 1-kilogram and 100-ounce gold bars.

These duties, which primarily impact imports from Switzerland — one of the U.S.’s largest gold suppliers — raise concerns over potential supply bottlenecks and inflated costs. The price jump reflects not only investor anxiety but also arbitrage-driven speculation, as tariffs push futures higher than spot prices.

“Trump’s gold tariffs could wreak havoc on COMEX,” said gold advocate and long-time Bitcoin critic Peter Schiff, warning that short-sellers may be forced to cover their positions to avoid paying up to 39% in duties. “Even if no one imports bars, premiums are likely to spike.”

The surprise policy shift marks a rare moment where gold — traditionally viewed as neutral in trade wars — becomes a direct target, raising alarms about broader geopolitical risk.

The timing also coincides with falling interest rates in Western economies and ongoing global trade tensions — conditions that historically benefit gold as a store of value. In parallel, Bitcoin and tokenized gold assets like PAXG ($3,391.25) and XAUT ($3,383.63) have seen renewed attention. While BTC dipped about 1% on the day, gold-backed tokens posted modest gains.

The policy pivot could also enhance the narrative around Bitcoin as “digital gold”, offering a borderless, tariff-free alternative for investors seeking protection from inflation and geopolitical shocks.

Still, the rally cooled late Thursday after a White House official told Bloomberg that the tariff reports were inaccurate. The administration reportedly does not plan to impose duties on gold bar imports, calling earlier statements “misinformation.” Both spot and futures gold prices declined following the clarification.