The new 39% U.S. tariff on Swiss kilo gold bars could shift bullion flows toward India and Dubai. Discover how this policy change affects prices, supply, and purchasing opportunities in key gold markets.
The new 39% U.S. tariff on imports from Switzerland now includes certain gold bars.
It’s not just watches.
It’s also kilo bars and 100-ounce bars.
U.S. Customs and Border Protection (CBP) confirmed the change in a letter to a Swiss company.
These bars are stamped or engraved with serial numbers and refinery marks.
That counts as processing.
It moves them out of the Annex II tariff exemption for unwrought gold.
Why This Matters in India and the Gulf
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Switzerland refines a major share of the world’s gold, including bullion sent to India and Dubai.
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Higher tariffs in the U.S. can shift trade flows toward Asia and the Middle East.
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If more Swiss gold bypasses the U.S., India and Gulf markets may see increased supply — and possibly better buying terms.
Market Facts
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One-kilo bars are the global standard for bullion trading, especially on Comex in New York.
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These bars dominate Switzerland’s gold exports to the U.S.
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Swiss association ASFCMP says sending them to the U.S. is now “economically unviable.”
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After the announcement, gold spot prices surged past $3,400 per ounce.
Industry Voices
Sara Yood, CEO of the Jewelers Vigilance Committee, says:
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The exemption applies to only one tariff code.
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Kilo and 100-ounce stamped bars don’t qualify.
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This will push U.S. buyers toward recycled and reclaimed gold.
UBS strategist Joni Teves adds:
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The tariff complicates hedging for traders using Comex contracts.
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Alternative settlement locations could become more attractive — possibly in Asia or the Gulf.
Stephen Innes of SPI Asset Management warns:
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Kilo bars are central to both market trading and jewelry supply.
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By targeting them, the U.S. changes how gold is treated as a store of value.
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If gold can be hit with tariffs, what other “safe” assets might be next?
Key Takeaway for Indian and Gulf Buyers
. Watch for shifts in Swiss bullion flows.
. If U.S. demand slows, more gold could head toward Dubai, Mumbai, and Singapore.
. That might create short-term buying opportunities before markets adjust.
