The US and Canada's imposition of "gold bar tariffs" has pushed gold prices higher. Foreign media reports that this move could seriously harm Switzerland, the global refining center.

According to Agence France-Presse reported on August 8, due to the uncertainty of tariff policies, the price of gold in New York hit a record high during Friday trading. This is because the latest documents from the US Customs show that certain specifications of gold bars will be included in the Trump administration's list of goods subject to additional tariffs, causing market turmoil. According to documents updated by the US Customs on July 31 and officially released on August 8, gold bars with specifications of 1 kilogram and 100 ounces are included in the list of items subject to additional tariffs. 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 skyrocketed to a historic peak of $3534.10 per ounce on the 8th. However, by 18:30 Greenwich Mean Time, the price of gold had fallen back to $3461.40 per ounce. This price fluctuation was caused by a clarification statement issued by the White House. An official told Agence France-Presse that the US government plans to "soon issue an executive order to clarify the misinformation about tariffs on special products such as gold," but did not specify whether gold bars can maintain their tariff exemption. Earlier this year, there was a surge in demand for and price of gold in the United States. Due to buyers anticipating that Trump's tariff policies might affect the precious metals sector, there was a wave of hoarding in the US market. The continuous strengthening of gold prices this year is also due to its safe-haven properties. In the context of escalating trade tensions and geopolitical uncertainties, as well as the weakening of the US dollar, gold as a safe asset is highly favored. For Switzerland, the global gold refining center, gold tariffs will be another heavy blow. Just on the 7th, this Alpine country was hit hard by the US imposing a 39% tariff on its goods exported to the US. Previously, investors generally believed that gold, like pharmaceutical products, enjoyed tariff exemptions, but the latter is currently facing the threat of separate tariffs.