Futures for gold are reaching unprecedented peaks
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The US Customs Border Protection Agency (CBP) has issued a notice on July 31, stating that gold bars weighing one kilogram and 100 ounces will be subject to duties [1]. This decision has significantly affected both the gold prices in New York and Switzerland's gold exports.
The tariff, with a rate of 39%, has caused a record high in the US gold futures market price in early August 2025, due to uncertainty and concerns over increased costs for importing Swiss gold bars into the US [1]. For Switzerland, the tariffs have hit its gold refining sector hard, as it is a major supplier of the one-kilogram bars widely traded on Comex, the world's biggest futures market [1].
The tariff measures disrupt the traditional trade flow, raising the cost of Swiss gold in the US and likely reducing demand there. This situation is expected to dampen Swiss gold exports to the US, at least temporarily, because the higher import costs make Swiss gold less competitive compared to other sources without such tariffs [1].
In New York, the one-kilogram bars are the most commonly traded format on the New York futures exchange Comex [2]. The surge in gold prices in the futures market reflects the market tension over increased import costs from Switzerland [1]. The Financial Times reported that the US is planning to impose tariffs on the import of gold, primarily affecting shipments from Switzerland [3].
The new tariffs could significantly impact Switzerland's gold trade. Switzerland exported gold worth $61.5 billion to the US in the 12 months to June [4]. If the US tariffs are applied to gold, duties of $24 billion would result [5]. The new tariffs, if applied to gold, would have a significant financial impact on Switzerland [6].
The White House has indicated a potential executive order to clarify the tariff situation, which could affect these impacts moving forward. However, as of August 2025, the tariff remains a significant factor influencing gold trade and pricing between Switzerland and the US [1].
References:
- ntv.de and jki/dpa
- The Financial Times
- The Financial Times
- The Financial Times
- The Financial Times
- The Financial Times
- The US Customs Border Protection Agency's employment policy, as shown by the tariff on Swiss gold bars, may affect community policy regarding international trade, potentially impacting the business and finance sectors within the industry.
- The executives of the gold refining sector in Switzerland, being major suppliers of one-kilogram bars to the US market, should reassess their employment policies in light of the increased uncertainties and costs due to the US Customs Border Protection Agency's community policy on tariffs, which could potentially influence their competitive standing in the global gold market.
