Swiss precious metals group says US tariffs could harm global gold flow

Aug 8 (Reuters) - The Swiss Precious Metals Association (ASFCMP) said on Friday the imposition of U.S. trade tariffs Washington is considering on the most widely traded bullion bars could harm the international flow of physical gold.

According to the website of the U.S. Customs and Border Protection service, Washington may subject gold kilo bullion bars and 100 troy ounce bullion bars to country-specific import tariffs.

"We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland," said Christoph Wild, president of the ASFCMP.

Switzerland is crucial to U.S. gold import tariffs because of its dominant role in global gold refining.

The association said it was in active dialogue with key stakeholders, including Swiss authorities, the London Bullion Market Association, the World Gold Council, and key U.S. entities.

U.S. gold futures on COMEX surged to a record high after Financial Times reported the news earlier.

Reporting by Ashitha Shivaprasad in Bengaluru, Editing by Louise Heavens and Jan Harvey

Reuters

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Swiss precious metals group says US tariffs could harm global gold flow

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