Market confusion erupts after US customs ruling on Swiss gold bars triggers price surge and export pause
Gold futures pulled back from record highs on Friday after the White House said it would issue an executive order to clarify “misinformation” about US tariffs on imported gold bars.
December gold futures had soared to an intraday peak of US$3,534.10 per ounce, but settled lower at US$3,454.10, while spot prices steadied around US$3,396.80. The sharp moves followed a ruling from US Customs and Border Protection that 100-ounce and one-kilogram gold bars—including those from Switzerland—would be subject to 39% tariffs, contrary to prior market assumptions.
The Swiss Precious Metals Association, representing refiners in the world’s largest gold processing hub, warned that the ruling could disrupt the international flow of physical bullion. “We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the US,” said association president Christoph Wild.
A White House official told media outlets that President Trump intends to sign an executive order “clarifying misinformation about the tariffing of gold bars and other specialty products.” However, no timeline or details have been provided, leaving the market in flux.
The customs decision shocked traders who had assumed bullion would remain exempt. Typically, investment-grade gold is not treated as a physical product for tariff purposes, but as a financial asset.
Following the announcement, some major Swiss refiners halted shipments to the US, and gold futures in New York decoupled from global benchmarks set in London, with spreads reaching over US$100 earlier in the day. UBS analysts warned that the move could widen pricing gaps between regional markets and increase arbitrage opportunities.
Tariffs on Swiss gold exports—now sitting at one of the highest levels globally—have become a political issue. President Trump reportedly cited the US$40bn trade deficit with Switzerland in a recent call with Swiss President Karin Keller-Sutter. However, Swiss officials argue much of that deficit stems from gold flows that distort trade balance statistics.
Gold accounted for two-thirds of Switzerland’s exports to the US in recent months, largely driven by safe-haven demand amid tariff uncertainty and geopolitical tensions. Analysts say if tariffs are upheld, Switzerland may divert bullion to other markets, effectively eliminating the deficit Trump has focused on.
Palladium, platinum and silver also saw mixed moves on Friday, with palladium down 2.2%.
Markets are now waiting on the promised executive order to determine whether Friday’s surge in gold was a brief panic—or the start of a longer-term realignment in global bullion trade.
