Link Securities | The United States has imposed tariffs on imports of one-kilogram gold bars, a move that threatens to disrupt the global bullion market and deal a further blow to Switzerland, the world’s largest precious metals refining centre, according to Expansión.
The Customs and Border Protection (CBP) agency stated that one-kilogram and 100-ounce gold bars should be classified under a customs code subject to duties, according to a letter dated 31 July, which was accessed by the Financial Times. The US uses these letters to issue announcements about its trade policy.
The CBP’s decision contrasts with previous industry expectations that such gold bars should be classified under a different customs code, exempt from Trump’s tariffs. One-kilogram bars are the most common format traded on Comex, the world’s largest gold futures market, and account for the majority of Swiss bar exports to the US. Comex gold futures for December delivery, the most active contract, hit an all-time intraday high of $3,534 per troy ounce on Friday after the Financial Times announced the US customs authorities’ decision
