(Kitco News) - Gold prices are higher but well down from overnight highs that saw December gold hit a three-month peak, amid reports the U.S. is putting levies on gold bars. Silver prices are also firmer and hit a more-than-two-week high overnight. December gold was last up $19.30 at $3,473.30. September silver prices were last up $0.216 at $38.51.
A U.S. move to put tariffs on imports of one-kilogram and 100-ounce gold bars is prompting keen uncertainty the global bullion market and threatening to disrupt trade from Switzerland and other major refining hubs, including London and Hong Kong. The U.S. Customs and Border Protection agency has clarified that the gold bars face tariffs and are not exempted as the industry had initially understood, as reported by Bloomberg and first reported by the Financial Times. Traders, analysts and market watchers are trying to understand the ramifications of the U.S. tariffs on bullion. Switzerland’s gold exports have become a flashpoint in its trade negotiations with the U.S., after a surge in shipments earlier this year caused the U.S.’s trade deficit with Switzerland to spike. “Traders and analysts are scrambling to understand the situation — whether the tariffs are already in force, if they apply to all countries, or even how they might be avoided. Some questioned whether the dramatic change could be an error on the CBP’s part and suggested it may be subject to legal challenges,” said the Bloomberg report.
-Jim Wyckoff
Source: https://www.kitco.com/news/article/2025-08-08/gold-price-amid-uncertainty-regarding-us-tariffs-bullion
