Surprise Import Tariff Takes Shine Off Gold Market

Good morning. All that glitters may not be gold when it comes to bullion tariffs. Tesla disbands the team it said last month it was doubling down on. And for some weekend fun, teach your children how to play poker. Listen to the day’s top stories.

The bullion market is getting banged up. Gold futures surged after the US confirmed it put levies on imports of one-kilo and 100-ounce gold bars. Border patrol clarified that the bars aren’t exempt as the industry initially thought, people familiar said, leaving traders and analysts scrambling to understand the situation and whether tariffs are already in force.

Oil steadied at least after its longest losing run since May as traders await Donald Trump’s next move in efforts to end the war in Ukraine. The president may sit down with Vladimir Putin soon, but still said he’s “very disappointed” with the Russian leader’s behavior.