Gold futures surged to a record high on Friday following reports that the United States has imposed steep tariffs on imports of one-kilo gold bars, a move set to hit Switzerland’s multibillion-dollar bullion trade.
According to the Financial Times, US Customs and Border Protection has reclassified one-kilo and 100-ounce bars under a customs code carrying higher duties. One-kilo bars are the most popular size traded on Comex, the world’s largest gold futures market, and account for the majority of Swiss gold exports to the US.
US gold futures rose 1.3% to $3,499.30, after touching an all-time high of $3,534.10. The spread between New York futures and spot prices widened by around $100.
The new tariff forms part of Donald Trump’s aggressive trade policy, which has imposed a 39% levy on Swiss gold exports – among the highest rates in his trade war regime. Only Laos, Myanmar and Syria face higher tariffs, at 40–41%, while the EU and UK have negotiated lower rates of 15% and 10% respectively.
The FT reports that Switzerland exported $61.5bn of gold to the US in the 12 months to June. Under the 39% tariff rate, these shipments could now face an additional $24bn in levies. The measure took effect on Thursday.
Switzerland, one of the world’s largest precious metals hubs, now faces fresh pressure in global bullion markets. With one-sixth of its total foreign sales heading to the US, the impact on the Swiss refining industry could be severe.
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Gold futures hit record high as Trump imposes surprise tariffs on one-kilo gold bars
