Swiss Franc subdued amid US tariff shock on Gold exports
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USD/CHF trades below 0.8100, stuck in a narrow range amid cautious sentiment. Risk-on mood driven by strong global equities dampens safe-haven demand for CHF. US imposes new import tariffs on 1kg and 100oz Swiss Gold bars, rattling bullion markets. The Swiss Franc (CHF) remains subdued against the US Dollar (USD) on Friday, with USD/CHF hovering in a familiar range established this week, as traders weigh the latest US tariff decision targeting Swiss Gold exports and its potential fallout on Switzerland’s economy and trade relations. At the time of writing, the pair is trading around 0.8080, struggling to break out decisively in either direction amid cautious market sentiment and diminished safe-haven demand, as risk-on mood prevails on the back of strong global equity markets. The spotlight is firmly on Switzerland’s gold industry after the United States imposed an import tariff on 1-kilogram and 100-ounce cast Gold bars. These standard bullion bars are mainly refined in Switzerland. The move is expected to ramp up pressure on Switzerland, one of the world’s largest precious metal hubs, which accounts for approximately $61.5 billion in annual Gold exports to the United States. It marks another blow for Switzerland, which is already facing a 39% tariff on a wide range of exports under the Trump administration’s reciprocal trade measures. As first reported by the FT, a ruling issued on July 31 by US Customs & Border Protection (CBP) now classifies one-kilogram and 100‑ounce Gold bars under the tariff code 7108.13.5500, bringing them under a higher import duty has caught the global bullion market off guard, with futures prices spiking to a record intraday high of $3,534 per ounce on Friday. Switzerland’s gold industry has expressed deep concern over the surprise US tariff move, warning of significant disruptions to the global bullion supply chain. Christoph Wild, President of the…
Filed under: News - @ August 9, 2025 12:26 pm