Gold prices jump after news of US adding shock gold bar tariff

The US has put tariffs on imports of 1kg gold bars, according to the Financial Times, threatening more turmoil in the global bullion market and dealing another trade blow to Switzerland.

- BLOOMBERG

SHANGHAI - The US has put tariffs on imports of 1kg gold bars, according to the Financial Times, threatening more turmoil in the global bullion market and dealing another trade blow to Switzerland.

US gold futures hit a record high after the FT report. Spot gold edged up 0.1 per cent to US$3,400 an ounce, while gold futures rose as much as 2.3 per cent to an all-time peak of US$3,477.

Contracts for December delivery in New York jumped to a premium of more than US$100 an ounce above the global benchmark for spot prices in London.