Gold futures surged to a record high after the U.S. imposed steep tariffs on one-kilo gold bar imports, which significantly impacts Switzerland's bullion trade. The U.S. Customs and Border Protection reclassified these bars under a higher duty customs code, imposing a 39% tariff on Swiss gold exports. The price of gold futures rose to $3,499.30, with an all-time high of $3,534.10. Switzerland's gold exports to the U.S., worth $61.5 billion last year, may face an additional $24 billion burden from these tariffs, impacting the Swiss refining industry significantly.
Gold futures hit a record high due to the U.S. imposing steep tariffs on one-kilo gold bar imports, impacting Switzerland's gold export trade.
The U.S. has reclassified one-kilo gold bars under a customs code with higher duties, leading to a 39% tariff on Swiss gold exports.
Gold futures rose to $3,499.30 after reaching an all-time high of $3,534.10, as the spread between futures and spot prices widened significantly.
Switzerland exported $61.5bn of gold to the U.S. in a year, which may now face an additional $24bn in levies due to tariffs.
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