Dubai: US President Trump’s tariffs are putting pressure on even gold, since 1-kilo gold bars are now subject to them. It will particularly affect Swiss exports of 1-kilo bars to the US. It is debatable if this will put pressure on gold prices generally, but as of right now, bullion prices have risen beyond $3,400 an ounce once again from $3,372 levels during the last day.
According to market insiders, US taxes on one-kilogram bars are not a concern for gold buyers and sellers in the United Arab Emirates and the Gulf. According to Arun John, Chief Market Analyst at Century Financial, “gold prices in the UAE are likely to not be impacted at such a drastic level.” “Traders in the UAE gold markets can still import gold from Switzerland without facing any of the tariffs.
“Traders in New York who deal in 1-kilo bars are placing aggressive bets to get delivery of gold,” John stated in response to the abrupt surge in bullion prices. Due to the increased physical delivery of gold into the US as a result of the tariffs, prices are rising.
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