The U.S. has unexpectedly imposed tariffs on one-kilogram and 100-ounce gold bars, sparking turmoil in global bullion markets. U.S. Customs and Border Protection clarified that these gold products, previously believed to be exempt, fall under tariff codes applied by President Trump's reciprocal trade measures.

The announcement caused New York gold futures to spike to record highs, with a premium of over $100/oz versus global spot prices, as traders braced for disruptions in trade flows, particularly from key refining hubs like Switzerland, Hong Kong, and London.

Industry players were caught off guard, questioning whether this change was a misinterpretation or an error by U.S. customs authorities. Major refiners are pausing U.S. shipments, while analysts warn the tariff could destabilize COMEX futures markets due to limited domestic refining capacity.

The move also adds strain to U.S.-Switzerland relations, already tense after Switzerland received one of the highest country-specific tariffs (39%). Swiss President Karin Keller-Sutter’s emergency visit to Washington ended without a meeting with Trump.

Until further clarification, uncertainty looms over global gold flows and the role of U.S. futures in the international bullion trade.