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3w ago

U.S. Tariffs on Swiss Gold Bars Propel Futures to Record High

The Customs ruling has forced Swiss officials to seek relief in Washington; traders have increased Fed rate-cut bets in response.

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Gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. REUTERS/Denis Balibouse/File photo
Traders at the New York Stock Exchange on August 8. A tariff on gold imports could significantly affect the global gold trade, experts say.
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Overview

  • U.S. Customs and Border Protection ruled that one-kilogram and 100-ounce gold bars are now subject to up to 39% tariffs under President Trump’s reciprocal duties.
  • COMEX gold futures briefly climbed above $3,530 per ounce following the tariff clarification, marking a fresh all-time high for the contract.
  • Swiss officials led by the State Secretariat for Economic Affairs and President Karin Keller-Sutter have held talks in Washington to seek a reduction or exemption from the levy.
  • The White House plans to issue an executive order to clarify confusion over bullion tariffs; it aims to address widespread industry concerns.
  • Traders have ramped up wagers on a Federal Reserve rate cut in September as the tariff shock compounds economic uncertainty, bolstering safe-haven demand for gold.