Trump Administration’s Surprise Gold Bar Tariffs Send Shockwaves Through Bullion Markets

The Swiss Precious Metals Association (ASFCMP) has responded to the U.S. imposing a 39% tariff on gold imports and clarifying that 1kg and 100oz gold bars are not exempt from these tariffs. The U.S. Customs and Border Protection classified these Comex-deliverable gold bars under a code that is subject to tariffs, affecting imports from all countries, not just Switzerland. ASFCMP President Christoph Wild expressed concern about the impact on international gold flows and the historic gold trade relationship between Switzerland and the U.S. The association is engaging with Swiss authorities, the London Bullion Market Association, World Gold Council, and U.S.

Gold prices have surged back near record highs, reaching $3,418.14 per troy ounce on Thursday, just shy of the all-time high of $3,448.50 set in June. The precious metal has gained over 3% since hitting a one-month low last week, driven by weaker-than-expected U.S. employment data that showed employers hired fewer workers in July and unemployment rose to 4.2%. The disappointing jobs report has increased expectations that the Federal Reserve will cut interest rates in September, which typically boosts gold demand since the metal doesn’t offer regular yield payments. Gold has risen 30% year-to-date as investors seek safety amid economic

President Trump announced Thursday that he will nominate Stephen Miran, his Council of Economic Advisers Chairman, to temporarily fill a Federal Reserve Board vacancy through January 31, 2026. Miran would replace Biden appointee Adriana Kugler, who is stepping down six months early to return to Georgetown University. This marks Trump’s first opportunity to shape the Fed since returning to office, as he continues to pressure the central bank for lower interest rates. The appointment requires Senate confirmation, which may not occur before the Fed’s September meeting, and Trump indicated he will continue searching for a permanent replacement.

Treasury yields rose again as Wall Street rethinks how strong the U.S. economy really is—and what the Fed might do next. With interest rate cuts looking less likely in the near term, uncertainty remains high. For gold investors, higher yields often create headwinds—but persistent inflation and market volatility continue to support long-term demand for precious metals as a hedge.