A Global Market Based on Gold Bars Shudders on Tariff Threat
Swiss manufactured gold bars.
Photographer: Akos Stiller/Bloomberg
The global gold market relies on a network of banks, refineries and couriers that can fly bullion between key trading hubs at a moment’s notice in pursuit of the highest prices. On Friday, a shock US ruling suggesting that the metal would be subject to tariffs plunged that system into chaos.
The apparent decision by the US Customs and Border Protection agency — announced privately in a letter to a Swiss refiner on July 31 and made public Friday — sent gold futures in New York soaring to a record, as insiders warned the tariffs would have dire consequences for the market. Then, just as quickly, prices tumbled after the Trump administration suggested imports of gold bars wouldn’t face tariffs after all.