US tariffs on gold bars have caused US futures on the metal to jump higher versus the spot price set in London. The move may end up enhancing the importance of the US in the global bullion market.
An unexpected levy on one-kilogram and 100-ounce gold bars coming into the US has caused upset in the precious metals market. The import tax will have the greatest impact on Switzerland, one of the top refining centers.
The futures market for gold is based out of New York on the Comex exchange, and the very bars that are being tariffed are those that are suitable for Comex delivery. The prospect of tariffs has pushed up the price of gold futures, as stockpiles of deliverable metal in Comex warehouses will now be expected to fall before US refiners have the chance to make up the shortfall.
Source: Bloomberg
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