Athira Sethu
Kochi, 8 August 2025
The U.S. has placed new tariffs on one-kilogram and 100-ounce gold bars, which may interfere with the trade of gold from Switzerland to the U.S. These gold bars are now grouped in a new category that is subject to tariffs, marking the end of the earlier exemption which permitted some gold imports to enter the U.S. without additional fees.
Switzerland, being the world’s largest gold refining hub and top gold exporter, will probably suffer the hardest from this shift. The U.S. has recently also applied a 39% tariff on Swiss exports, including gold. Last year, Switzerland exported $61.5 billion in gold to the U.S., but since the introduction of tariffs, these shipments now stand to cost an additional $24 billion.
The Swiss gold industry group, which was headed by Christoph Wild, stated that the tariff adjustment is a significant setback. Swiss refineries believed that the gold they refine would remain tariff-free when exported to the U.S. Yet, the new classification has left them in the dark. Some Swiss refineries have even reduced or halted shipments to the U.S. as they attempt to determine what is exempted from tariffs.
The new tariffs have been uncertain for the gold market. The trading of gold needs transparent and swift customs regulations, but the reforms left traders confused about what to anticipate. The one-kilo gold bar, which is widely traded on the New York Comex exchange, is particularly crucial for Swiss gold exports to America. Such bars are usually produced from bigger gold bars being shipped from London to Switzerland for processing.
This news led to gold prices surging. On opening in Asia, the price of gold futures in New York rose by over $100 an ounce from the price in London, indicating heightened uncertainty. Traders had previously already scooped up gold to shelter it from tariffs, weakening supplies in London and fueling fears of further disruption.
Gold prices have been increasing since the latter part of 2024 as investors are concerned about inflation, U.S. debt, and weakening currency. This new tariff crisis creates additional political pressure on the gold market and might alter how gold trades globally. Swiss gold refiners are currently uncertain for now, and the full effect on world markets continues to play out.
