Gold prices climb following U.S. tariffs on imported gold bars - Rising Gold Prices - Report Unveiling Imposed U.S. Tariffs on Gold Bars
The United States has imposed a 39% tariff on certain Swiss gold bars, specifically those weighing one kilogram or 100 ounces, a move that has sent gold prices on the US futures market in New York to record highs [1].
Switzerland, the world's largest gold refining center, exports a significant portion of these one-kilogram gold bars to the US, with exports totaling $61.5 billion in the twelve months up to June [2]. The tariffs, which took effect on August 7, 2025, are expected to significantly reduce Swiss gold bar exports to the US, impacting the flow of refined gold into the key physical market at Comex [1][2].
This supply shock within the largest futures market could tighten the physical supply of Swiss gold bars in the US, potentially increasing premiums on physical gold bars traded there [2]. This tightening of supply may also ripple through global gold markets, driving prices higher worldwide as traders price in tariff-related cost increases and potential supply bottlenecks [1].
The tariffs have been met with criticism from Swiss refiners and the Swiss National Bank, who argue that the tariffs misclassify refined gold and unfairly target a minimal value-added sector [2]. The Trump administration's inclusion of gold bars under "reciprocal" tariffs is partly due to the significant trade deficit figures inflated by gold refining in Swiss economic statistics [2].
The gold price in London, however, remained relatively stable compared to New York. The prices for futures contracts in gold in New York reached over $3,530, their highest level in months [1]. The Financial Times reported on Thursday that the US is imposing tariffs on the import of gold [3].
The proposed US tariffs on gold bars may lead to changes in the trade of gold bars internationally. The Customs Border Protection Agency (CBS) issued a statement on July 31 regarding the tariffs on gold bars weighing one kilogram and 100 ounces [4]. Futures contracts in gold reflect investors' expectations of how the value of the precious metal will develop. The tariffs could potentially affect the prices of gold-related investments.
References:
[1] Gold prices surge as US imposes tariffs on Swiss gold bars. (2025, August 7). Retrieved from https://www.reuters.com/business/finance/gold-prices-surge-us-imposes-tariffs-swiss-gold-bars-2025-08-07/
[2] Swiss gold refiners face collapse in US exports as tariffs take effect. (2025, August 7). Retrieved from https://www.swissinfo.ch/eng/swiss-gold-refiners-face-collapse-in-us-exports-as-tariffs-take-effect/46530438
[3] US imposes tariffs on imported gold. (2025, August 5). Retrieved from https://www.ft.com/content/15927d7a-431c-4c3d-8073-3e7e322d6b67
[4] Statement on Tariffs on Gold Bars Weighing One Kilogram and 100 Ounces. (2025, July 31). Retrieved from https://www.cbp.gov/newsroom/statements/statement-tariffs-gold-bars-weighing-one-kilogram-and-100-ounces
- The community policy stating tariffs on gold bars has affected the employment policy of Swiss gold refiners, as their exports to the US have significantly decreased.
- The finance sector is closely monitoring the impact of tariffs on gold bars, as changes in the industry could influence personal-finance decisions related to investing in gold.
- The tariffs on gold bars may lead to shifts in the technology used for the manufacturing, transportation, and trading of gold in the sector.
- The lifestyle of consumers may be influenced by the tariffs on gold bars, as potential increases in the price of gold-related products can impact personal budgets in the area of personal-finance.
- The education-and-self-development sector might offer courses on understanding the implications of tariffs on industries like gold, providing insights for individuals looking to make informed decisions in the area of investing and business.
- News outlets have reported on general-news stories about the tariffs on gold bars, with sports and weather stories taking a back seat in terms of reader interest and media coverage.
