USA imposes Tariffs on Gold Imports; Futures Rise

The US has slapped tariffs on gold imports targeting 1 kilogram and 100 ounce gold bars (100 ounces = 2.8 kg). A 39% rate applies to imports from Switzerland (a major refining hub). The 400 ounce gold bars (11+ kilograms) from London are less popular in the US so need to be broken down into smaller bars.

US gold futures (August 2025 expiry) on COMEX have been on a tear, trading over $3400 per troy ounce (weight tolerance 5% higher or lower). The futures also breached $3400 in late April and early May. $3400 futures price translates to a notional of 100x the price i.e. $340,000 for 100 troy ounces.

For the avoidance of doubt, the tariffs as they currently stand apply to the unit specification of the COMEX contract.