Expert Views on Rathbones, Lloyds, Unilever, Clarkson, and Boohoo

Rathbones, Lloyds, Unilever, Clarkson, and Boohoo are among the companies discussed in the article. Jaguar Land Rover's profits have been halved due to tariffs, while the price of gold futures reached a record high after the US announced tariffs on 1kg bars.

Gold prices experienced significant volatility following the White House's announcement of potential changes to U.S. gold bar tariff rules. U.S. gold futures retreated from record high levels after reports that the White House plans to issue an executive order clarifying the country's stance on gold bar tariffs. The U.S. Customs and Border Protection also indicated potential tariffs on gold bullion bars, causing some refineries to pause bullion deliveries to the United States due to uncertainty.

December U.S. gold futures were steady at $3,454.1 per ounce as of 1852 GMT, after hitting a record $3,534.10 earlier in the session. The spread between U.S. gold futures and spot prices widened, currently sitting at $57, down from over $100 earlier in the session. Spot gold steadied at $3,396.8 per ounce as of 2:52 p.m. ET (1852 GMT), but was up 1% for the week.

The Swiss Precious Metals Association (SPMA) raised concerns that U.S. tariffs on gold bars could disrupt the international flow of physical gold, given Switzerland’s dominant role as a global refiner. The association emphasized that the clarification did not apply exclusively to Swiss exports but rather to all 1kg and 100oz gold bars imported into the U.S. from any country.

Analysts highlighted logistical challenges for gold futures contracts as tariffs complicate delivery costs and strain traditional hedging mechanisms. Market uncertainty grew with New York gold premiums rising against London, reflecting fears over unstable regulatory frameworks and shifting trade policies.

The implications extend beyond New York. If the tariff rules remain unchanged, global flows of gold may shift, and the U.S. could lose its competitive edge in the global gold trade. Higher import costs would affect not just institutional hedgers but also retail investors, as tariffs ripple through jewelry, coinage, and bullion markets.

For now, the White House is expected to issue an executive order to clarify the situation, while the market remains on edge. Gold has risen 31% year-to-date amid trade and geopolitical tensions, and while tariffs could push prices higher on paper, they also threaten to strain the physical supply chains that support the global gold market.

Reference List
[1] https://economictimes.indiatimes.com/markets/commodities/news/us-gold-futures-pare-gains-after-official-says-white-house-to-clarify-tariff-policy-on-bullion-bars/articleshow/123200199.cms
[2] https://www.theguardian.com/business/live/2025/aug/08/gold-spike-trump-tariffs-on-bars-ftse-stock-market-news-business-live
[3] https://www.ainvest.com/news/gold-dips-2-white-house-clarifies-gold-tariff-rules-2508/
[4] https://www.ainvest.com/news/39-tariff-kilo-gold-bars-sparks-market-turmoil-2508/