the demand from 100oz/1kg gold bars will be shifted to its other forms - whose prices will increase
this will increase gold's spot premium in the US, putting upside pressure on the global spot price
it's mostly 100oz/1kg gold bullion markers that will be affected - so you're looking at futures
expect a larger basis trade (futures price higher than spot), which will eventually close down
with tariffs in place spot is being pushed up towards futures