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Shock U.S. tariffs on Swiss gold bars send gold price rocketing through $3,400/oz

Kitco Media
By Ernest Hoffman
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Updated
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Shock U.S. tariffs on Swiss gold bars send gold price rocketing through $3,400/oz teaser image

(Kitco News)- The United States has imposed import tariffs on gold bars from Switzerland, the Financial Times reported late Thursday afternoon. 

According to a letter from Customs Border Protection dated July 31st, 1 kilogram and 100 ounce gold bars will be classified under a U.S. customs code which subjects them to costly tariffs, with Switzerland's recently announced 39% tariff rate among the highest the Trump administration has imposed.

Spot gold broke through resistance at $3,400 shortly after 4:00 p.m. EDT, and set a session high of $3,409.43 just before 7:00 p.m. EDT. At the time of writing, spot gold was trading at $3,389.32 for a slight loss of 0.22% early in the session.

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Ernest Hoffman

Ernest Hoffman is a Crypto and Market Reporter for Kitco News. He has over 15 years of experience as a writer, editor, broadcaster and producer for media, educational and cultural organizations. Ernest began working in market news in 2007, establishing the broadcast division of CEP News in Montreal, Canada, where he developed the fastest web-based audio news service in the world and produced economic news videos in partnership with MSN and the TMX. He has a Bachelor's degree Specialization in Journalism from Concordia University. You can reach Ernest at 1-514-670-1339.

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gold priceTarrifsglobal import tariffsSwitzerlandphysical gold

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