Tariff fears spark surge in gold shipments to U.S.: Financial Times

Gold bar.Gold bar. (Image by Bullion Vault, Flickr.)

Increasing fears over the prospect of U.S. tariffs have sparked a jump in gold shipments to New York while creating a shortage of bullion in London, the Financial Times reported.

Inventory levels at New York’s Comex commodity exchange have surged 75% to 926 tonnes, the most since August 2022, the FT said. Gold traders and financial institutions have moved 393 metric tonnes into Comex vaults since the November US election, the newspaper said.

Traders say the shipments are designed to avoid tariffs on bullion that some market participants say could be introduced by new U.S. President Donald Trump. Higher prices on the futures exchange in New York – compared with the cash market in London – have led some traders to send the metal to the U.S., the FT said.

Meanwhile, the wait to pull bullion from the Bank of England’s vaults now stands at between four and eight weeks, up from a few days previously, the FT said, citing unidentified people familiar with the process. The Bank of England declined to comment, the FT said.

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