Gold Futures Surge Amid Swiss Tariff Confusion

Gold futures in New York soared to intraday record highs as markets grappled with reports that Swiss gold bars WOULD not be exempt from U.S. tariffs. The precious metal reached $4,490 per ounce on the Comex exchange following a Financial Times report confirming 1-kilo and 100-ounce bars face a 39% levy.

"The MOVE is significant because these bars form the backbone of U.S. gold trading," said Ryan McIntyre of Sprott. Physical delivery contracts on Comex rely heavily on Swiss bars, meaning tariffs could disrupt market mechanics. Customs clarification sent futures skyrocketing as traders assessed potential supply chain impacts.

Metals Daily CEO Ross Norman likened the tariffs to "pouring SAND into an otherwise well-functioning engine." Market participants remain divided on whether the measures reflect deliberate policy or classification errors.