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
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 not only futures of course - the broader physical supply chain of gold is also affected the more imminent impact is on users of 1kg/100oz gold bars. in the future markets the effect is much more visible and quantifiable - so it will start the price movement from there
when you see gold hitting a new all time high very soon - just remember that it wasn't caused by a single event gold has a growing buying pressure for monetary, geopolitical and fiscal reasons I've written about it in depth, so search through my post history if interested
tariffs on gold decentivize gold imports higher import tax is a disincentive. not sure what' the benefit to having less gold come into US there's plenty of buyers in Asia who will happily take it. soon you will see more central banks expanding their balance sheets with gold
the tariffs are not on all gold imports - just on a specific configuration - 100oz/1kg bars this alone won't skyrocket the price of gold, but it adds to the existing breakout pressure
gold tariffs are unlikely to stay for a long period of time expect them to be removed and/or heavily reduced soon just the fact that they happened adds longer-term upside pressure on its price of course, the markets will be volatile ๐