Gold’s price gains, made hours after the Trump administration announced that gold bars would be subject to reciprocal tariffs on Switzerland, appeared to reverse after the White House clarified that an executive order would be issued to exempt gold bars from the tariffs. After peaking above $3,400 per ounce, spot gold retreated to trade just below that mark.

Although gold industry leaders understood that gold bars would be exempt, a Bloomberg report said the U.S. Customs and Border Protection (CBP) had informed a Swiss gold refiner that one-kilogram and 100-ounce gold bars were subject to the 39% tariff. This clarification reportedly stunned traders and sent gold futures in New York to a record high. The futures are backed by bars shipped from Switzerland and other major trading and refining hubs.

According to the report, subjecting gold bars to the tariff could impact the U.S. gold futures contract and the movement of the precious metal globally. Joni Teves, a strategist at UBS AG, warned:

In the long run, the existence of U.S. tariffs on deliverable gold products raises the question on the role of futures trading in the U.S. Until there is clarity, we expect the gold market and precious metals markets more generally to remain very nervous.

Besides causing chaos in the U.S. gold industry, the tariff decision, if left unchanged, would have implications for Swiss refiners. The Bloomberg report asserted that Swiss refiners play a particularly crucial role in the smooth functioning of the global gold market and quoted a statement by the Swiss Precious Metals Association raising concern about the potential implications on the physical exchange of gold.

“We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland,” the association’s president warned.

Nikos Kavalis, managing director at consultancy Metals Focus Ltd., warned of potential implications to the CME contract, which he said could become unviable if this decision were allowed to stand. Kavalis, however, suggested the CBP may have misunderstood the announcement.

“The gap between the spot price and the futures price will be prone to issues of capacity. I just don’t see that as being in anyone’s best interest. I suspect that this is a misunderstanding or an error on the part of the customs authorities, or if not an error, let’s say a poor assessment. I suspect it’ll be legally challenged or lobbied,” he said.

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