Trade conflict
Gold price climbs – report on US tariffs on gold bars
The “Financial Times” reports on new US tariffs on the import of gold bars. There are price jumps in New York.
After reporting on new US tariffs on the import of certain gold bars, the gold price in New York has risen significantly. While the gold price in London was not moving, there was a significant increase in the prices for scheduling business in New York. In the meantime, the quotes climbed to over $ 3,530 and thus up to the highest level for months.
Golding business business relates to the trade at a fixed time in the future. In this way, they reflect the expectations of the investors how the value of the precious metal will develop.
New US tariffs on gold bars?
As the “Financial Times” reported on Thursday, the United States raised tariffs on the import of gold and would primarily make deliveries from Switzerland. The newspaper has a message from the customs authority of Customs Border Protection Agency (CBS) of July 31, after which gold bars with a weight of one kilo and those with a weight of 100 ounces are documented.
According to “Financial Times”, the announcement by the US customs authority contradicts the previous expectations of the industry, according to which precious metals that are melted by Swiss refineries and exported to the USA can be introduced.
Switzerland would be severely affected
One-kilo bars are the most frequently traded format on the New York appointment exchange Comex. These bars make up a large part of Swiss gold exports to the United States. In Switzerland, the size formats common in London are often converted into the sizes common in New York.
As the “Financial Times” continues, Switzerland delivered gold worth $ 61.5 billion to the USA in the twelve months to June. According to the report, this quantity would be due to such a quantity of $ 24 billion, because the US government had recently imposed tariffs from 39 percent on imported goods from Switzerland.
dpa
Source: Stern
