Overview

• On July 31, CBP ruled that one-kilogram and 100-ounce gold bars imported from any country would be classified under a tariffable customs code and subject to a 39% duty.
• U.S. gold futures briefly surged to an intraday record of about $3,534 per troy ounce on August 8 before retreating but remain at elevated levels.
• The White House will issue an executive order clarifying gold-bar tariff rules to prevent further market confusion.
• Swiss President Karin Keller-Sutter’s Washington visit failed to secure an exemption, leaving Switzerland’s refining hub exposed to the levies.
• Analysts warn the tariffs on deliverable bars could prompt changes to U.S. futures delivery standards and spur growth in alternative bullion trading centers.