Will US impose new gold tariffs? Barrick CEO shares outlook

Image credit: Jingming Pan on Unsplash

According to a ruling published on the US Customs and Border Protection service's website, Washington may place the most widely traded gold bullion bars in the US under country-specific import tariffs.

A White House official later told Reuters it would issue an executive order "clarifying misinformation".

The ruling has disrupted global bullion flows and injected fresh volatility into gold markets. Gold prices fell 2.4% on Monday.

"Let's see how things are clarified, because right now it is speculation," Bristow told Reuters in an interview.

He said gold miners are "price takers", meaning they could benefit from higher prices if that was the result of the US tariff turmoil.

Barrick beat analysts' expectations for second-quarter profit, as a surge in gold prices helped offset a drop in production, including from Mali, where it is involved in a prolonged dispute with the country's military government.

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Barrick was forced to suspend operations in mid-January after Mali blocked its exports and detained some of its executives.

Reuters reported last month that a Malian military helicopter airlifted gold from its Loulo-Gounkoto complex just days after sources said a court-appointed administrator for the site planned to sell its bullion to finance operations.

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Bristow told Reuters the company has not considered selling Loulo-Gounkoto to a third party at this stage, even as Barrick recorded a $1.03bn charge due to its loss of control of the mine.