Trump's gold tariff exemption sparks Comex bullion outflows — Bloomberg

Over the past few months, traders had been actively delivering gold bullion to the Comex exchange in New York. This trend was driven by fears that the precious metal could be caught up in Donald Trump's import tariffs. The gap in the asset's value on different trading platforms widened significantly in favor of the American one, according to Bloomberg.

However, in early April, Washington confirmed that the trade duties proposed by the US President would not apply to gold bullion. Following the news, the premium for the precious metal on Comex over the London Metal Exchange (LME), which had previously reached $50 per ounce, dropped to around $15.

With traders' interest in storing gold on Comex diminishing, they began to reallocate their assets again. The yellow bullion stocks at the US exchange declined daily last week, Bloomberg notes. According to the agency, the outflow of bullion from the platform reached a record high for the year and amounted to about $700 million on Friday.