The Move Shaking The Gold Market
US authorities have imposed tariffs on imports of 1kg and 100oz gold bars, a decision that could disrupt global bullion flows and severely impact Switzerland, the world’s largest gold refining hub. The measure, confirmed by the US Customs and Border Protection (CBP), removes previous exemptions and subjects these bars to a 39% duty, potentially costing Swiss exporters an additional $24 billion in fees.
According to internal documents obtained by the Financial Times, the new customs classification took effect this Thursday after weeks of industry uncertainty. The affected bars are the most commonly traded on the Comex, the leading gold futures market, and account for the majority of Swiss gold exports to the US.
Another Blow To US-Swiss Trade Relations
This decision adds to growing tensions between the two nations. Last week, the White House announced new tariffs on Swiss goods, signaling an escalation in protectionist measures. Over the past 12 months alone, Switzerland exported $61.5 billion worth of gold to the US, a flow now facing unprecedented barriers.
Christoph Wild, president of the Swiss Association of Manufacturers and Traders of Precious Metals, called the move “another blow” to the industry. “This tariff will make it harder to meet US gold demand and could distort the market,” he warned.
Less Swiss Gold Heading To The US?
Earlier in 2025, traders stockpiled record reserves in Comex ahead of expected tariffs, causing a temporary shortage in London. However, unclear exemptions have led some Swiss refiners to reduce or suspend shipments to the US.
“The initial interpretation was that Swiss-refined gold was exempt, but customs classifications aren’t always clear-cut,” Wild explained. Several firms told the FT they had spent months consulting lawyers to determine which products might avoid the duties.
Gold At Record Highs: What’s Driving The Rally?
As the market adjusts to the new rules, gold continues its upward surge, surpassing $3,500 per ounce this Friday—up 27% since late 2024. Key factors include:
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Inflation fears
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Rising public debt
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A weakening dollar
which have boosted its appeal as a safe-haven asset.
Will The Market Be Reshaped?
The global gold flow—traditionally triangular (London-Switzerland-New York)—could shift if tariffs remain. While London deals in 400oz bars (brick-sized), the US prefers 1kg bars (smartphone-sized). If Swiss exports decline, the market may need alternatives, potentially increasing price volatility.
This move not only impacts traders but reflects a broader protectionist trend that could extend to other sectors. Gold, long a barometer of global economic health, is once again at the center of an uncertain landscape.
By Orlando J. Gutièrrez
