The U.S. increases "gold bar tariffs," pushing gold prices higher; foreign media reports it may severely impact the global refining center in Switzerland

According to a report by AFP on August 8, influenced by the uncertainty of tariff policies, gold prices in New York reached an all-time high during trading on Friday. This was triggered by the latest documents from U.S. Customs showing that certain specifications of gold bars would be included in the tariff list imposed by the Trump administration, causing market turmoil. According to documents updated by U.S. Customs on July 31 and officially announced on August 8, 1-kilogram and 100-ounce gold bars were listed under the tariff category. After this news was first reported by the Financial Times on August 7, the price of gold futures for December delivery on the New York Mercantile Exchange surged to a historic peak of $3,534.10 per ounce on August 8. However, by 6:30 PM GMT, the gold price had retreated to $3,461.40 per ounce. This price fluctuation stemmed from a clarification statement issued by the White House. An official told AFP that the U.S. government plans to "issue an executive order soon to clarify misinformation regarding tariffs on specific products such as gold," but did not specify whether gold bars would maintain their tariff exemption. Earlier this year, U.S. demand and prices for gold had surged dramatically. As buyers anticipated that Trump's tariff policies might affect precious metals, there was a rush to stockpile in the U.S. market. The continuous strengthening of gold prices this year has also benefited from its safe-haven attributes. Amid escalating trade tensions and geopolitical uncertainties, along with a weakening dollar, gold has become a favored safe asset. For Switzerland, the global gold refining center, the imposition of gold tariffs would be another heavy blow. This Alpine nation just faced a 39% high tariff on its goods exported to the U.S. on the 7th. Previously, investors generally believed that gold enjoyed the same tariff exemptions as pharmaceutical products, but the latter is currently facing the threat of separate tariffs