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1 April 2025 | Gold

COMEX gold stocks set new record amid Donald Trump's import tariffs

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COMEX gold stocks set new record amid Donald Trump's import tariffs

Reuters reports COMEX gold inventories have surged to a record 43.3 million troy ounces ($135 billion at current prices) as markets brace for potential import tariffs that could restrict bullion flows to the US. In November 2024 warehouse stocks stood at just 17.1 million ounces.

Between December and March, COMEX received 25.4 million ounces of gold valued at $79 billion. The threat of US import tariffs has widened the premium between COMEX and London Metal Exchange (LME) gold prices.

Saxo Bank analysts suggest gold markets could see a modest trend reversal if the metal avoids US restrictions. Under this scenario, some bullion might flow back to LME warehouses.

Elizaveta Kuzmicheva MarketCheese

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