US confirms no tariffs on gold, calming COMEX gold futures and narrowing price gaps.
Bitcoin stays near highs with steady ETF inflows despite gold’s recovery.
Policy clarity reduces short-term Bitcoin boost but leaves its long-term appeal intact.
The United States government confirmed that imported gold bars would not face tariffs at the time of writing. This came after several days of confusion when a customs notice created fears that gold could be included in wider trade duties. The announcement removed uncertainty and brought relief to gold markets.
Gold prices on the COMEX exchange dropped from higher levels after the clarification. The price gap between US futures and London spot prices, which had widened during the tariff scare, became smaller as traders adjusted their positions. This showed how quickly government policy can change the direction of commodity markets.
Bitcoin price stayed strong during this period. It traded between about $118,250 and $120,200 and remained close to its highest levels of the year. Institutional investors continued to show interest through positive ETF creation flows, which indicated steady demand for crypto assets.
The tariff scare highlighted how gold is affected by government policy. A sudden change in trade rules can raise costs, disrupt delivery routes, and change price relationships between different markets. Gold has a long physical supply chain that includes mining, refining, and transporting, so policy changes can have an immediate impact on prices.
Bitcoin is not subject to tariffs in the same way because it exists as a digital asset. However, it is still affected by regulations on exchanges, mining operations, and how it can be bought or sold. The recent gold policy news reminded investors that physical assets like gold can face unique risks that do not apply in the same way to digital assets.
The price gap between COMEX gold futures and London spot gold widened during the tariff scare because traders worried about higher costs and slower deliveries. Once the US clarified the policy, that gap narrowed. This is an example of how gold markets can be disrupted by supply chain problems.
Bitcoin is traded electronically, so it does not depend on ships, planes, or border inspections. Its risks are different. They come from issues such as exchange security, ETF management, and custody services. While Bitcoin avoids certain problems that gold faces, it can still be affected by other types of infrastructure challenges.
The people and institutions who invest in gold are often different from those who invest in Bitcoin. Gold buyers include central banks, jewelry makers, and large funds with long-term strategies. Bitcoin buyers often include technology-focused funds, traders who look for high growth, and now, more traditional investors who can access it through ETFs.
When the tariff fears were at their highest, some investors appeared to move money into Bitcoin because it was not affected by the same risk. When the policy was clarified, this shift slowed, but many of the new allocations to Bitcoin stayed in place. This shows that short-term events can create lasting changes in portfolios.
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In the short term, the end of tariff fears removes one reason for investors to choose Bitcoin over gold. This could slightly reduce buying pressure for Bitcoin. Gold’s return to stability also makes it more attractive again to those who prefer physical assets.
In the medium term, the event still benefits the Bitcoin ETFs and price. It is a reminder that government policies can change suddenly for physical goods, while Bitcoin operates on a fixed set of rules built into its network. This difference will continue to be part of Bitcoin’s appeal for certain investors.
Gold’s policy environment is different around the world. In India, which is a major consumer of gold, import duties have stayed the same in 2025. Small changes to tariffs on jewelry parts have affected local prices, but there has been no major change in gold’s tax structure.
Bitcoin does not have to pass through customs, but it is still subject to regulations that vary by country. These include rules on trading, taxation, and use in payments. This means that while Bitcoin avoids import tariffs, it is still influenced by government policies.
Investors are waiting to see if the United States will make the no-tariff position official in written form. A clear legal statement could remove the last bit of uncertainty from the gold market. Without that, there is a small chance of future confusion.
The gap between COMEX futures and London spot prices is also worth watching. If it stays small, it means the market is stable. If it widens again, it could signal new worries.
Bitcoin ETF flows are another sign of investor sentiment. If inflows remain steady or grow, it would show that interest in Bitcoin is not only linked to short-term events in gold markets.
Finally, the wider economic picture will play a role. Inflation in the United States recently came in at 2.7 percent for the headline number and 3.1 percent for the core rate. If the Federal Reserve cuts interest rates, lower real yields could help both gold and Bitcoin rise together.
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The clarification that there will be no tariffs on gold takes away a short-term advantage for Bitcoin but does not weaken its long-term position. Gold remains a trusted asset for central banks and traditional investors. Bitcoin offers a limited supply, fast transactions, and growing institutional access.
Both assets can rise in value at the same time. Gold has a role as a centuries-old store of value, while Bitcoin has a role as a modern, borderless alternative. In the current environment, they are more likely to be used together as part of diversified investment strategies rather than replacing one another.
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