Gold futures reached a record high on Friday following reports that the United States has imposed significant tariffs on imports of one-kilo gold bars, a move expected to impact 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 with higher duties. One-kilo bars are the most popular size traded on Comex, the world’s largest gold futures market, and constitute the majority of Swiss gold exports to the US.
US gold futures rose by 1.3% to $3,499.30, after hitting an all-time high of $3,534.10. The spread between New York futures and spot prices widened by approximately $100. This new tariff is part of Donald Trump’s aggressive trade policy, which has imposed a 39% levy on Swiss gold exports — one of the highest rates in his trade war strategy. 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 Financial Times reports that Switzerland exported $61.5 billion of gold to the US in the 12 months to June. Under the 39% tariff rate, these shipments could now incur an additional $24 billion in levies. The measure took effect on Thursday.
Switzerland, a major global hub for precious metals, now faces increased pressure in the international bullion markets. With one-sixth of its total foreign sales directed to the US, the impact on the Swiss refining industry could be substantial.
