Gold Futures Surge as Trump Imposes Tariffs on Gold Bars

Gold Futures Surge to Record Levels Amid US Tariff Announcement

Gold prices spiked dramatically this week, with futures posting a new all‑time high following rumors that the United States will impose tariffs on imported 1‑kilogram gold bars. The move has raised concerns among traders and investors about supply constraints and international trade tensions.

Key Developments

• Tariff Alert: The US is expected to levy duties on 1‑kg gold bar imports, potentially tightening global supply.
• Record Breaking: Futures climbed surprisingly sharply on Friday, marking the highest price observed in recent memory.
• Market Reaction: Global markets responded cautiously, with many recalibrating their positions in anticipation of further regulatory actions.

Implications for Investors

With tariffs looming, investors are facing a shift in risk perception. Traditional safe‑haven assets like gold may become more attractive, while sectors reliant on gold imports could see price volatility.

US Gold Futures Skyrocket After Tariff Revelation

Record‑High Prices on the Comex

The world’s largest gold futures exchange experienced a surge, with contracts on the Comex trading at $3,484.60 per ounce around 11 am Central European Summer Time. This followed a brief peak of $3,534.10 earlier on Friday.

Trigger: New Customs Classification

• The Financial Times reported a letter from U.S. Customs and Border Protection dated 31 July, indicating that one‑kilogram and 100‑ounce gold bars now fall under a customs code that imposes tariffs.
• Market participants had presumed such bars would remain exempt from the Trump‑era duties, so the revelation shocked investors.
• Previously, in April, Washington had removed metals like gold, silver and platinum from broad U.S. import taxes, easing expectations of a supply crunch.

Gold Historically Meets Geopolitical Headwinds

Year‑to‑date, gold futures on the Comex have climbed almost 34% as global uncertainties prompt investors to lean on precious metals. Gold’s relative stability during crises continues to cement its status as a refuge when currencies falter.

Expert Insight

AJ Bell’s financial‑analysis lead, Danni Hewson, highlighted that a combination of gold’s safe‑haven appeal and a weaker dollar in 2025 is already nudging prices toward the $4,000 threshold. She also noted the adverse impact on Swiss exports after a 39% tariff hit.

Switzerland’s Gold Export Challenges

• In the latest 12‑month period ending June, Switzerland shipped approximately $61.5 billion (€52.8 billion) of gold to the United States.
• The new tariff rate exceeds by more than 2½ times the duty on European Union goods exported to the U.S. and is nearly quadruple the British export rate.
• Switzerland’s influential pharmaceutical sector, which has pledged significant U.S. investment, remains exempt from the 39% levy.

Political Response

Swiss officials, including President Karin Keller‑Sutter, travelled to Washington on Tuesday to negotiate a lower tariff rate, aiming to mitigate one of the most substantial charges levied by the Trump administration.