Overview

• A July 31 ruling by US Customs and Border Protection classified 1kg and 100oz gold bars as subject to President Trump’s reciprocal tariff regime rather than the previously exempt bullion category.
• On August 7, a 39% tariff on Swiss-refined gold bars took effect, triggering Comex futures to spike above $3,530 per ounce before paring gains.
• The surprise duties prompted major refineries to pause shipments to the US and raised concerns over the viability of physical settlement for US futures contracts.
• Swiss President Karin Keller-Sutter’s trip to Washington failed to secure a reversal of the levies, leaving Switzerland’s refining industry under heavy pressure.
• The White House has called the tariff reports misinformation and is drafting an executive order to clarify that gold bars will remain tariff-exempt, though markets await the official policy text.