Gold prices on the US futures market soared to an all-time high on Friday after the Financial Times reported that Washington had introduced tariffs on certain gold bars.
According to the report, the US Customs and Border Protection agency has classified one-kilogram and 100-ounce gold bars as subject to tariffs — a move analysts say could disrupt global trade in the precious metal.
In response, gold for December delivery climbed to a historic $3,534.10 per ounce (31.1 grams) on Comex, the world’s largest futures market. The metal, widely regarded as a safe-haven asset, has already set multiple records this year amid growing tariff concerns and geopolitical tensions.
The FT noted that one-kilo bars — the most commonly traded on Comex — make up the majority of Switzerland’s bullion exports to the United States.
“Gold bars of this size imported from Switzerland into the US would be subject to a 39-percent tariff,” said Carsten Fritsch, a commodities analyst. The levy, one of the steepest ever imposed by Washington, took effect on Thursday.
“Switzerland is a major supplier of gold bars because it is home to many gold refineries that melt down gold into specific bar sizes,” Fritsch added.
Ole Hansen, head of commodity strategy at Saxo Bank, explained that “the US futures market is often used by bullion banks globally as a hedging tool for transactions in the physical bullion market.”
