Gold futures surged to an all-time intraday high of $3,534.10 an ounce on Friday after reports that certain gold bars imported from Switzerland will face steep U.S. tariffs. The Financial Times revealed that Washington had classified one-kilogram and 100-ounce bars, the most traded forms on Comex, the world’s largest futures market, as subject to ‘reciprocal’ rates, triggering a 39% levy on imports from Thursday.
The news sent shockwaves through commodities markets, with Han Tan, chief market analyst at Nemo.Money, citing ‘shock and confusion’ among traders. Prices later eased to around $3,454 an ounce. Switzerland, a major global hub for gold refining, is the primary supplier of these bars to the U.S.
The move came after U.S. Customs updated its classification of gold bars in a July 31 letter, initially reported late Thursday. While a White House official later told AFP that an executive order will be issued in the near future clarifying misinformation about gold tariffs, it remains unclear if these products will be exempt from President Donald Trump’s reciprocal levies, imposed to address perceived trade imbalances.
The decision has heightened pressure on the Swiss government, which had sought a tariff deal similar to the EU’s 15% rate but returned from Washington without an agreement. Gold refining is a critical part of Switzerland’s trade balance, with the nation accounting for 34% of global refined gold output in 2023. Four of the world’s largest refineries operate in Switzerland, including Valcambi in Balerna.
In 2023, Switzerland imported 2,372 tons of gold and re-exported 1,564 tons, valued at nearly 88 billion Swiss francs ($109 billion). The U.S. was a growing market, with imports from Switzerland nearly doubling to 11 billion francs in 2024 and soaring to 39.2 billion francs in the first half of 2025, most of it in the first quarter. Shipments collapsed in the second quarter after tariff threats emerged.
Swiss President Karin Keller-Sutter criticized the U.S. trade deficit calculation, arguing that the White House relied on ‘atypical’ 2024 data, when gold exports spiked following Trump’s election victory and a surge in safe-haven demand.
Meanwhile, U.S. stock markets ended the week mixed. Wall Street’s tech-heavy Nasdaq Composite notched a second consecutive record close, buoyed by optimism over artificial intelligence and easing fears of trade disruptions.
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