As US imposes 39% tariffs on Swiss gold bars, Comex futures soar

Fri Aug 08 2025

Gold bars, weighing about 400 troy ounces and looking like bricks, are regularly sent from London to Switzerland. There, it is converted into a kg gold bar (of smartphone sizes) to be sent to the US markets.

This is because the one-kg gold bars are the bread and butter of the Commodity Exchange (Comex) in the US, where gold’s paper price is exchanged with physical precious metal. However, this is headed for disruption after the Donald Trump administration imposed a 39 per cent tariff. 

In a July 31 letter, the US Customs and Border Protection said these bars fall under code 7108.13.5500, which is subject to tariffs. This has led to Comex gold December futures soaring to $3,545 an ounce on Thursday night before paring gains to $3,473 at 1700 hours IST. On the London Metal Exchange, it traded at $3,386 an ounce. 

Source: https://www.thehindubusinessline.com/