Gold Prices Dip as U.S. Clarifies Tariff Rules, Swiss Refiners Warn of Market Impact

Gold retreated to $3,463 after briefly touching a record $3,530, as the WHITE House moved to clarify tariff rules for bullion imports. The Swiss Precious Metals Association cautioned that U.S. tariffs could disrupt the global flow of physical gold, with President Christoph Wild highlighting concerns over trade implications for Switzerland—the world’s largest gold refiner and a key supplier to the Comex market.

U.S. Customs confirmed that 1-kilogram and 100-ounce Gold bars will not be exempt from the 39% tariff imposed on Swiss exports, a policy extending to all countries. This adjustment complicates futures settlements in New York, where Swiss-sourced bars commonly back contracts. Gold’s 31% rally this year reflects its haven appeal amid geopolitical tensions, but tariffs now threaten to strain logistics while potentially pushing prices higher.