US tariffs could harm global gold flow

Says Swiss precious metals group

FE Team | Published: August 10, 2025 23:52:01

The Swiss Precious Metals Association (ASFCMP) said on Friday the imposition of US trade tariffs Washington is considering on the most widely traded bullion bars could harm the international flow of physical gold, reports Reuters.
According to the website of the US 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 US, a long-standing and historical partner for Switzerland," said Christoph Wild, president of the ASFCMP.
Switzerland is crucial to US 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 US entities.
US gold futures on COMEX surged to a record high after Financial Times reported the news earlier.