Gold futures jump to record high after US tariffs on cast bars – Gold
15 days ago
- #commodity-markets
- #US-Switzerland-trade
- #gold-tariffs
- Gold futures prices reached a record high due to new US tariffs on 1kg gold bar imports.
- Switzerland faces a 39% tariff on gold exports to the US, impacting its refining industry.
- US Customs clarified that 1kg and 100-ounce gold bars are no longer tariff-exempt.
- Swiss gold exports to the US surged in early 2025 amid trade uncertainty.
- The Swiss precious metals association criticized the tariffs, calling them economically unviable.
- Switzerland dominates global gold refining, processing about 70% of the world's gold.
- US gold futures hit an intraday high of $3,534 following the tariff news.
- Swiss gold exports to the US were worth $61.5bn in the past year, now facing a 39% levy.