#Gold Market Shaken as U.S. Tariff Clarification Targets Swiss Bullion Imports

Gold prices retreated sharply on Friday after a brief surge, as traders digested a White House clarification on tariffs that directly impacts Swiss bullion exports to the United States. The news sent ripples through both the futures and physical gold markets, raising concerns over global supply chains, trading costs, and the stability of price discovery in New York.

From Record Close to Pullback: A Volatile 24 Hours for Gold

On Thursday, gold futures closed at a record $3,491 per ounce. By Friday, prices had eased to $3,530, reflecting nervousness after the White House signaled an executive order would be issued to “clarify misinformation” surrounding tariffs on gold bars and specialty products.

A White House official told #CNBC the clarification was needed amid market confusion. The statement confirmed that 1-kilogram and 100-ounce gold bars, the standard units for wholesale bullion trading, are not exempt from a 39% tariff on Swiss exports to the U.S.

For gold traders — especially those active in futures settlement — the announcement was significant. Even before the official order, the statement alone triggered a swift reaction in the market.

Swiss Refiners Sound Alarm on Global Gold #Trade The Swiss Precious Metals Association, representing the largest refining industry in the world, quickly voiced its concerns. Switzerland’s refining sector processes a substantial share of the world’s gold, much of which flows into the United States for settlement and investment.

Christoph Wild, president of the association, warned that the tariffs could disrupt the international flow of physical gold:

“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.”

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