Gold futures are rising to a new record level in New York after the announcement that the US tariffs also apply to the gold market. The difference between the current gold price, so-called spot price, and the forward-looking futures trading in New York is now over 100 dollars, reports Financial Times.
Gold bars traded via Switzerland are part of the global gold market. The gold trade is often described as triangular where gold is usually traded in London or New York but then transshipped in Switzerland for remelting.
The prevailing perception was that precious metals that are remelted by Swiss refineries and exported to the US could be transported duty-free, says Christoph Wild from the Swiss industry organization for the trade of precious metals to the newspaper.
Last week, US President Donald Trump announced that Switzerland will receive import tariffs of 39 percent.
