Tariff Move Triggers Market Surge
US gold futures reached a record high on Friday after reports that the Trump administration would impose tariffs on imports of one-kilo gold bars. Futures traded on the Comex market rose 0.9% to $3,484.60 an ounce by 11 a.m. CEST, after hitting an all-time high of $3,534.10 earlier in the day. The Financial Times reported that the US Customs and Border Protection had issued a ruling on July 31, classifying one-kilo and 100-ounce gold bars under a customs code subject to levies.
The ruling marked a reversal from April, when Washington excluded gold, silver, and platinum from broad import duties. Traders had been importing cheaper foreign gold to benefit from the price difference between US futures and other benchmarks. The new classification now places these bars under the same 39% tariff rate already affecting Swiss exports.
Switzerland Faces Added Pressure
 Switzerland, the world’s top gold refining hub, faces new US tariff pressure
The tariff announcement comes as another setback for Switzerland, the world’s largest gold refining hub, which already faced a 39% levy on exports to the US. The country exported around $61.5 billion worth of gold to the US in the 12 months ending in June. The 39% rate, one of the highest under the Trump administration, is more than twice the tariff imposed on European Union goods and almost four times higher than that on British exports.
Swiss President Karin Keller-Sutter led a delegation to Washington earlier in the week to seek a reduction in the tariff, but returned without an agreement. Switzerland’s powerful pharmaceutical sector remains exempt from the rate, but gold refiners now face an additional burden on a major share of their trade.
Market Reaction and Price Movements
 Gold bars in storage as US futures hit a record $3,534.10
Following the report, gold futures in the US soared to their highest level on record, with analysts citing heightened safe-haven demand. Investors, already responding to a weakening dollar in 2025, now anticipate possible moves toward the $4,000 level if the tariffs remain in place.
Shares in London-listed miners also gained, with Fresnillo up 1.6% and Greatland Resources rising 3.8%. The spread between US gold futures and spot prices widened to $57, down from more than $100 earlier in the session. Spot gold steadied at $3,396.80 per ounce but remained up 1% for the week.
Uncertainty Over Broader Scope of Tariffs
Swiss President Karin Keller-Sutter left Washington without a tariff deal
It remains unclear whether other gold bar types, such as the 400-ounce bars used in London, will also be subject to US tariffs. Analysts expect the premium between COMEX futures and London prices to widen further if the measure is enforced, increasing arbitrage opportunities between alternative refinery hubs.
Some Swiss refineries have already paused deliveries to the US due to uncertainty about the policy’s timing and scope. The White House is reportedly preparing an executive order to clarify its stance on the gold bar tariffs, according to officials.
Trade Flows and Supply Concerns
Switzerland processes about 70% of the world’s gold, importing roughly 2,000 tonnes annually before exporting refined bars to major markets, including the US. With the 39% levy now covering one-kilo bars, a substantial portion of Swiss gold exports will face higher costs.
The move could create supply bottlenecks in the US market, with some traders adjusting shipment routes to avoid the tariff. In May, demand for gold bars surged after President Trump announced sweeping reciprocal tariffs, prompting US retailer Costco to limit daily purchases.
Global Precious Metals Market Update
In other commodities, spot silver was flat at 38.29 dollars per ounce, platinum gained 0.5 percent to 1,327.85, and palladium decreased 2.2 percent to 1,125.48. The situation is under watch, and analysts believe that more information on the US tariff policy will be announced in the next few weeks.
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Final Thoughts
The US decision to classify one-kilo gold bars under the 39% tariff rate has driven futures to record highs and added fresh pressure to Switzerland’s refining industry. With markets awaiting clarity from the White House, both trade flows and pricing in the global bullion market remain on alert for further developments.
