Gold Prices & Tariff Impact 

Article roundup

Shock Tariff Ruling Sparks Chaos

A surprise U.S. Customs and Border Protection (CBP) ruling shared privately on July 31 and made public on August 8 reclassified 1‑kilogram and 100‑ounce gold bars under a tariff-bearing code. Previously exempt, these bars are now subject to a steep 39% tariff, upending assumptions in the bullion market. 

Gold Futures Soar  And Then Retract

In response, New York gold futures surged to record highs peaking at $3,534 per troy ounce—creating a wide premium over London spot prices. Markets quickly reacted as the White House indicated it would issue an executive order to clarify the status of tariffs. 

Supply Chains Hit Turbulence

Switzerland, the dominant gold‑refining hub, faced immediate fallout: some refineries paused shipments to the U.S., citing logistical and legal uncertainty. The disruption threatens the intricate bullion delivery networks that support futures markets. 

Rethinking Futures and Global Settlement

The tariffs undermine the reliability of Comex futures, which rely on physically deliverable gold bars. Analysts suggest the market may pivot to alternate delivery standards, settlement hubs (like London), or other sourcing strategies to mitigate risks. 

Political Backlash and Swiss Response

In Switzerland, policymakers are now debating the future of the gold‑refining sector and proposing measures such as redistributing export responsibilities or boosting domestic operations in the U.S. 

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