Gold Futures Climb as New US Tariffs Disrupt Swiss Supply and Boost Demand

The United States has implemented new tariffs on imports of 1-kilogram and 100-ounce gold bars, according to a Financial Times report. Gold futures were trading around the 2400/60 levels as these developments unfolded, creating significant ripple effects across precious metals markets.

Supply Chain Disruptions Drive Price Action

The reclassification of customs codes means that gold exports from Switzerland to the US will now face Switzerland’s substantial 39% tariff. This unexpected tariff implementation on kilobar imports triggered a sharp rally in gold futures, with traders betting on tighter supply conditions and potential shifts in physical gold flows around the globe.

🔥 Gold just got weaponized.
The U.S. slapped a 39% tariff on Swiss 1kg & 100oz gold bars, the exact formats COMEX accepts for delivery.

Switzerland refines most of the world’s gold. Now?
• Shipments halted
• Premiums spiking
• Shorts sweating

This isn’t about revenue, it’s… pic.twitter.com/eSFh5tskFg

— Wall Street Gold (@WSBGold) August 8, 2025

Swiss refiners are already making moves to adapt to the new landscape, with reports emerging that they may reduce shipments while waiting for legal clarity regarding the product reclassification. The December 2025 delivery spread for 100-ounce gold futures over spot prices has jumped dramatically to over $100, a significant increase from approximately $58 at the end of July.

Central Bank Demand Remains Strong

Adding support to gold’s bullish case, China has maintained its purchasing streak for the ninth consecutive month, continuing to build its gold reserves. This ongoing uncertainty in trade flows is expected to keep gold prices broadly supported in the near term.

The Federal Reserve’s anticipated return to a rate-cutting cycle should further enhance gold’s appeal as an investment vehicle. Technical analysis shows mild bullish momentum remains intact on the daily chart, though the RSI indicator has flattened. Key resistance levels sit at 2450 and 2500, representing the 2025 high that bulls need to break through for continued upward momentum. Support levels are positioned at 2350, coinciding with the 21 and 50-day moving averages.

Broader Market Implications

The tariff-driven supply constraints and resulting gold price volatility may contribute to broader risk-off sentiment across financial markets. This development could potentially weigh on risk assets as investors reassess global trade dynamics and seek safe-haven alternatives.