Trump’s ‘Tariff Bomb’ to Spark ₹10,000 Gold Price Surge — Switzerland & India Brace for Impact
New Delhi(The Uttam Hindu): The ripple effects of US President Donald Trump’s latest “tariff bomb” are set to hit global gold markets hard, with prices expected to soar by as much as ₹10,000. The US government has imposed new import duties on 1 kg and 100-ounce gold bars — a move that could disrupt long-standing trade routes, especially between Switzerland and the United States, and eventually impact India.
According to a media report, this tariff will significantly hinder the flow of gold and silver from Switzerland to America, potentially tightening supply chains.
As per the US Customs and Border Protection’s July 31 directive, these gold bars now fall under Category Code 7108.13.5500, making them subject to import duties.
In recent years, gold has increasingly become a strategic asset for central banks worldwide. This trend intensified after Russia’s foreign currency reserves were frozen following the Russia-Ukraine war. With rising geopolitical tensions and escalating trade wars, central banks have been stockpiling gold as a safe-haven asset — pushing prices to unprecedented highs. On August 8, gold hit an all-time high, with 24-carat prices jumping ₹703 to reach ₹1,01,406 per 10 grams, up from ₹1,00,703 just a day earlier.