Market Impact - US Customs and Border Protection imposing tariffs on 1 kilo and 100 ounce gold bar imports is a major shock to the gold industry [1] - The new tariff policy is causing confusion and uncertainty among gold industry executives, analysts, and traders, leading to frozen shipments and price volatility [2] - Gold futures, backed by these gold bars, rose to a record high [2] - A 39% tariff on imports from Switzerland adds costs and complicates investment decisions for those using gold as an inflation hedge or safe haven [4] Geopolitical & Economic Factors - The tariffs are a result of Trump's aim to address Switzerland's large trade surplus with the US, which is significantly influenced by gold exports [3] - Switzerland is the world's largest gold refining hub, processing billions of dollars worth of gold [3] - Gold is constantly being moved between central banks and reserves globally, making the tariff's impact widespread [3] Future Outlook - Significant movements in gold markets may continue until there is clarity from Washington regarding the tariff policy [4]
Gold hit by surprise US tariffs, unleashing market turmoil
Bloomberg Television·2025-08-08 17:02