Bars Behind Bars: Gold Locked in Tariff Trouble

Washington’s sudden tariff on gold bars rattles global trade, sends futures soaring, and leaves bullion markets scrambling for answers.

Editorial Team (ET)August 9, 2025

In a move few saw coming, the United States has imposed tariffs on imports of one-kilogram and 100-ounce gold bars, sending tremors through the global bullion market. The U.S. Customs and Border Protection agency clarified that these bars are not exempt from tariffs as the industry had assumed, abruptly reshaping the rules of the game for traders, refineries, and governments. The decision, first reported by the Financial Times, has caught market participants off guard, triggering uncertainty from Switzerland to Hong Kong.

The announcement lit a fire under gold futures in New York, which surged to record highs. December contracts traded at more than $100 an ounce above the London spot benchmark, a premium not seen in years. The sudden spike reflects traders’ fears that supply chains will be snarled, particularly those from Switzerland, one of the largest exporters of gold to the U.S.

Switzerland’s gold exports have already been a point of friction in trade talks with Washington. Earlier this year, a surge in Swiss shipments widened the U.S. trade deficit with the Alpine nation, prompting President Trump to levy a shock 39 percent tariff on Swiss imports. The latest ruling piles further pressure on Swiss President Karin Keller-Sutter, who made an emergency trip to Washington in an attempt to sway the White House. She left empty-handed, denied a meeting with Trump.

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