U.S. 39% Tariff on One-Kilo Gold Bars Sparks Market Turmoil

The United States has imposed a 39% tariff on one-kilo gold bars, a move that has sent shockwaves through global bullion markets and disrupted long-standing trade patterns. The decision, announced by U.S. Customs and Border Protection (CBP) on July 31, 2025, reclassified these gold bars under customs codes that subject them to the levy, effectively ending the previously expected tariff exemption [1]. This tariff now applies to one-kilogram and 100-ounce gold bars, which are among the most commonly traded formats in the Comex, the world's largest gold futures market [4].

The immediate impact of the announcement was evident in gold futures prices, which surged to an all-time high of $3,534 per ounce following the news [5]. Analysts suggest that the tariff could introduce pricing discrepancies and create new arbitrage opportunities within the gold market. The Swiss Association of Manufacturers and Traders of Precious Metals voiced concerns over the new regulations, warning that it would complicate efforts to meet American demand for gold [7].

Switzerland is a major player in global bullion trade, exporting $61.5 billion in gold to the U.S. over the twelve months ending June 2025. Under the new tariff, these exports would face an additional $24 billion in annual duties [6]. The ruling is seen as another blow to the Swiss refining industry, which has long relied on the United States as a key market for its gold products. The disruption also affects established bullion flow patterns that typically involve the movement of gold between London and New York via Switzerland [8].

The CBP’s decision has raised questions about the broader implications for global bullion markets. Previously, market participants had anticipated changes in tariffs and had accelerated gold imports, leading to record Comex stockpiles and temporary London shortages [9]. These strategic moves are now being reassessed as the new tariff introduces additional costs and supply chain complications. The ripple effects of this policy shift highlight the growing influence of U.S. trade decisions on commodities traditionally considered less susceptible to geopolitical volatility.

The tariff has not yet triggered a significant impact on related markets such as cryptocurrencies, though experts suggest that ongoing geopolitical tensions and trade policy shifts could increase the appeal of alternative assets [7]. The long-term effects of the 39% tariff on one-kilo gold bars remain to be seen, but the immediate consequences underscore the sensitivity of the global gold market to regulatory changes.

Source:

[1] Bloomberg.com (https://www.bloomberg.com/news/articles/2025-08-08/us-hits-gold-bars-with-tariffs-in-blow-to-switzerland-ft-report)

[2] Yahoo (https://finance.yahoo.com/news/us-imposes-tariffs-one-kilo-204744623.html)

[3] Miningmx (https://www.miningmx.com/trending/62026-us-imposes-tariffs-on-swiss-gold-bars/)

[4] The Guardian (https://www.theguardian.com/business/2025/aug/08/gold-futures-soar-to-record-high-after-reports-of-us-tariffs-on-swiss-bars)

[5] TradingView (https://www.tradingview.com/news/te_news:476451:0-us-imposes-new-tariff-on-gold-bars/)

[6] Financial Times (cited in multiple sources)

[7] DW (https://www.dw.com/en/trump-tariffs-did-swiss-gold-refiners-fuel-the-crisis/a-73554953)

[9] Economic Times (https://m.economictimes.com/markets/commodities/news/trumps-39-tariffs-on-gold-bars-to-wreak-havoc-on-comex-peter-schiffs-explains-how/articleshow/123183447.cms)