Overview
- The CBP reclassified one-kilogram and 100-ounce gold bars on July 31 under a dutiable tariff code imposing levies from 10% to 50%, including a 39% charge on Swiss imports.
- The new duties took effect August 7–8 and sent U.S. gold futures to an intraday record of $3,534 per ounce on Comex.
- Swiss Precious Metals Association head Christoph Wild warned that the tariffs could complicate bullion supply into the United States and unsettle global trade.
- Analysts at UBS caution that higher import costs threaten New York’s Comex dominance by spurring a shift of futures liquidity to alternative venues or instruments.
- Some market participants believe the CBP decision may be reversed after legal challenges and diplomatic negotiations.