• New U.S. tariffs on imported gold bars expected imminently, targeting major suppliers like Switzerland.
  • Gold prices hit record high of $3,383/oz amid inflation fears, with tariffs likely adding further volatility.
  • Move signals broader protectionist shift as Fed leadership changes and semiconductor tariffs take effect.

U.S. Gold Tariffs Loom Over Global Market

The U.S. government is preparing to formally announce new tariffs on imports of one-kilogram gold bars, according to officials familiar with the matter. The order—expected to be posted imminently—could disrupt established supply chains in the global bullion market, particularly affecting Swiss refiners who dominate gold exports.

The move comes as gold prices surged 25% since early 2025 to a record $3,383 per ounce, driven by persistent inflation and economic uncertainty. Market participants warn the tariffs may exacerbate price volatility while potentially benefiting domestic refiners. "This creates immediate uncertainty for physical gold flows," said one London-based trader who requested anonymity. "The market wasn't pricing this in."

Swiss Exporters in the Crosshairs

Switzerland, which accounts for nearly 70% of global gold refining, would bear the brunt of the tariffs. The country exported $90 billion worth of gold in 2024, with the U.S. being a key destination. Industry sources say Swiss refiners are exploring potential workarounds, including routing shipments through third countries.

The tariffs follow a pattern of U.S. protectionist measures, including recent 100% levies on semiconductor imports. They also coincide with a leadership transition at the Federal Reserve, where nominee Stephen Miran is expected to pursue more dovish policies. Some analysts suggest the gold tariffs could be partly aimed at supporting domestic miners ahead of the election.

Market Reactions and Outlook

Futures markets showed increased volatility following the news, with December contracts swinging between $3,350 and $3,400. Physical dealers reported stronger buying interest from Asian markets, anticipating potential supply disruptions.

While the exact tariff rate remains undisclosed, historical precedents suggest even modest levies can significantly alter trade flows. When the U.S. last imposed precious metal tariffs in 2018, Swiss exports to America dropped 40% within six months before alternative routes were established.

Correction: An earlier version misstated the percentage decline in Swiss exports during the 2018 tariffs. The correct figure is 40%, not 60%.