Surprise US Tariff on Gold Bars Drives Gold Futures Up

US gold futures surged to a record premium after the US Customs and Border Protection (CBP) clarified that 1kg and 100oz gold bars are subject to import tariffs. The move has disrupted the global flow of bullion.

The ruling, which was not formally announced but appeared in a letter on CBP website, states that 1kg and 100oz gold bars are classified as semi-manufactured and are therefore not exempt from US President Donald Trump's reciprocal tariffs, such as a 39% levy on Swiss goods. The industry had widely understood these bars to be exempt, reports Bloomberg.

The news caused immediate disruption, with several major gold refiners in Asia and Switzerland reportedly pausing shipments to the United States until there is more clarity. On the Commodity Exchange (COMEX) in New York, contracts for December 2025 delivery surged past US$3,500/oz, jumping to a premium of more than US$100/oz above the global benchmark price in London as traders anticipated import difficulties. "In the long run, the existence of US tariffs on deliverable gold products raises the question of the role of futures trading in the United States. Until there is clarity, we expect the gold market to remain very nervous,” said Joni Teves, Strategist, UBS AG.

The decision has significant implications for Switzerland, the world's largest gold refining hub and a key supplier of 1kg gold bars for the COMEX futures market. The Swiss Precious Metals Association (ASFCMP) said in a statement that the ruling threatens to negatively impact the international flow of physical gold. The industry is still seeking clarity on whether larger 400oz bars, which underpin the London market, will also be affected. “We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the United States, a long-standing and historical partner for Switzerland”, said Christoph Wild, President, ASFCMP.