Gold Extends 30% Year-to-Date Gain as Economic Uncertainty Grips 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.

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.

The US has unexpectedly imposed tariffs on gold bar imports, causing major disruption in the global gold market. The US Customs and Border Protection clarified that one-kilogram and 100-ounce gold bars are subject to President Trump’s reciprocal tariffs, contrary to what the industry initially believed. This has caused gold futures in New York to surge to record highs, while creating significant price gaps between US and international markets. Major gold refineries in Asia are pausing US shipments, and the ruling threatens to disrupt global gold trade flows from key hubs like Switzerland, Hong Kong, and London.

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.