The US has just imposed import tariffs on 1kg and 100ounce gold bars - a move that is expected to shake the global gold market and deal another heavy blow to Switzerland, the world's largest gold refining center.
According to the ruling letter dated July 31 of the US Customs and Border Protection Agency (CBP) reached by the Financial Times, the above types of gold bars will be classified as taxable customs codes, instead of codes exempted under President Donald Trump's comprehensive tax policy. The verdict is a US document used to clarify trade policy.
This decision is in complete contrast to the previous expectations of the gold industry that 1kg and 100 ounce gold bars will be classified as tax-free. Currently, 1kg gold bars are the most popular trading on the comex exchange - the world's largest gold futures market - and account for the majority of Switzerland's gold exports to the US.
Relations between Washington and Bern have deteriorated after the US imposed a 39% tariff on imports from Switzerland last week. Customs data shows that gold is one of Switzerland's largest exports to the US.
Chairman of the Swiss Association of Precious Metals Manufacturers and Traders, Mr. Christoph Wild, said the new tax was another blow to gold trade between the two countries, making it difficult to meet gold demand in the US.
Earlier this year, traders rushed to bring gold into the US ahead of released date 2.4 - Mr Trumps tax mark - leading to record inventories on comex and causing temporary shortages in London. At that time, many goods, including some types of gold bars, are exempt from tax, creating the belief that large gold bars will not be taxed.
Typically, gold trade flows are triangular: Large balls (400 ounces) move between London and New York through Switzerland, where they are cast into different sizes. The London market favours a 400-ounce bar - as big as a brick - while New York prefers a 1kg bar, the size of a smartphone.
World gold prices have increased continuously this year, up 27% since the end of 2024, at one point reaching 3,500 USD/ounce. Concerns about inflation, public debt and the weakening of the role of the US dollar as a global reserve currency have pushed gold prices up.
In the 12 months to June 2025, Switzerland exported 61.5 billion USD of gold to the US. With a 39% tax rate, this amount of gold will have to bear an additional $24 billion in tax, starting from August 7.
Some Swiss gold refiners said they spent months working with lawyers to determine which products were exempt from tax. The two companies revealed that they have temporarily reduced or completely stopped gold exports to the US due to this uncertainty.
According to the verdict, the 1kg and 100 ounce gold bars were classified as code 7108.12.5500 - taxable - instead of code 7108.12.10, which was the only code exempt from tax.
At 7:40 a.m. on August 8 (Vietnam time), the world gold price was listed at $3,389.56/ounce.
Regarding domestic gold prices, the price of SJC gold bars was listed by Saigon Jewelry Company - SJC at 122.4-123.8 million VND/tael (buy - sell).
