Gold futures surged to an all-time high on Friday following a Financial Times report that the United States has imposed surprise tariffs on imports of one-kilo gold bars—a move likely to escalate trade tensions with Switzerland, one of the world’s key precious metal hubs.
According to a letter seen by the FT from U.S. Customs and Border Protection, both one-kilo and 100-ounce gold bars are now to be classified under a customs code subject to higher tariffs. One-kilo bars, the preferred format on COMEX—the world’s largest gold futures market—represent the majority of Switzerland’s bullion exports to the U.S.
U.S. gold futures climbed 1.3% to $3,499.30 after hitting a record high of $3,534.10. The spread between New York futures and spot gold prices widened by roughly $100, reflecting market dislocation triggered by the tariff move.
The development is a significant blow to Switzerland, which now faces a 39% U.S. export tariff—one of the steepest under President Trump’s trade war policies. Only Laos, Myanmar, and Syria face higher rates, at 40–41%. In contrast, the EU and UK have negotiated far lower tariffs of 15% and 10% respectively.
Switzerland exported $61.5 billion worth of gold to the U.S. in the 12 months to June. Under the new tariff regime, that trade flow could incur an additional $24 billion in duties, according to FT estimates. The tariffs took effect on Thursday.
