I suspect the hit to producers today may have something to do...

I suspect the hit to producers today may have something to do with this. Trade surplus with Australia almost entirely on the back of gold. Most of the other major producers (China Russia) either have political disagreements with US or there are risk issues (Ghana, etc). Makes sense that they get a lot of physical gold from Australia.

If they do impose tariffcs, gold would well and truly be in the firing line. Tho it Would be pretty pointless putting tariffs on gold anyway given how fungible and low-bulk it is.