Trump gold tariff shakes global bullion trade

The U.S. government has imposed tariffs on imported gold bars weighing one kilogram, a decision expected to send ripples through global markets and push gold prices higher. Switzerland, the world’s leading gold refiner, is likely to suffer significant losses as its exports to the United States will now face a steep 39 percent reciprocal tariff.

The Financial Times reported Thursday that U.S. Customs and Border Protection classified 1-kilogram and 100-ounce gold bars, which weigh about 3.1 kilograms, as taxable imports in a ruling dated July 31. Traders had previously expected the 1-kilogram bars to be excluded from the broad tariffs announced by President Donald Trump.

The 1-kilogram gold bar is the most commonly traded format on COMEX, the New York-based commodities exchange and the world’s largest gold futures market. Most of Switzerland’s gold exports to the United States are in this form. Gold is also Switzerland’s leading export to the U.S.

Even before the reciprocal tariffs were formally announced, gold traders had already moved large volumes of bullion into the United States earlier this year. Gold prices have surged 27 percent in 2025, briefly hitting $3,500 per troy ounce. After news of the tariffs broke, December gold futures rose about 1 percent, reaching a new record high.


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