The price of gold futures have soared to a record high after it emerged that the US would put tariffs on imports of 1kg bars in a further trade blow to Switzerland, which dominates the world’s refining industry. It later emerged that US customs had decided that certain imports of gold bars that had been in a tariff-exempt category should also be covered by the 39% rate. It said the imposition of tariffs on gold cast products “makes it economically unviable to export them to the US”. after newsletter promotionWith about 70% of the world market, Switzerland dominates the trade of turning gold from mines and other sources into gold bars. According to reports, gold bars were in such demand in the US in May after Trump’s announcement of sweeping “reciprocal” tariffs the previous month that Costco capped how many gold bars could be bought in a day.
