Gold futures surge to all-time high following unexpected US tariff on imported gold bars

Gold futures surge to all-time high following unexpected US tariff on imported gold bars

Gold futures surged to a historic peak on Friday following revelations that the U.S. government has imposed tariffs on imported one-kilogram gold bars—a move expected to intensify trade pressure on Switzerland, one of the world’s leading precious metals hubs.

According to a letter obtained by the Financial Times from U.S. Customs and Border Protection, both one-kilogram and 100-ounce gold bars are now reclassified under a customs code that subjects them to elevated tariffs. These one-kilo bars are the most commonly traded format on Comex, the primary U.S. gold futures exchange, and represent the majority of Swiss gold exports to America.

In response to the news, U.S. gold futures climbed 1.3% to $3,499.30, briefly reaching an all-time high of $3,534.10. The price gap between New York futures and global spot prices widened by approximately $100, reflecting market volatility triggered by the tariff announcement.

This development delivers another economic blow to Switzerland, which was already hit with a surprise 39% export tariff under President Trump’s aggressive trade policy. Swiss exports to the U.S. make up roughly one-sixth of the country’s total foreign sales, placing Swiss firms among the hardest hit by the new tariff regime. Only Laos, Myanmar, and Syria face higher rates, ranging from 40% to 41%. In contrast, the European Union and the United Kingdom have negotiated lower rates of 15% and 10%, respectively.

The Financial Times reports that Switzerland exported $61.5 billion worth of gold to the U.S. over the 12 months ending in June. Under the new 39% tariff, these exports could now incur an additional $24 billion in levies, significantly raising costs for Swiss refiners and traders.

If you’d like, we can explore how this tariff shift might ripple through global bullion markets or impact central bank gold strategies.