On August 8, the price of December gold futures on the New York Mercantile Exchange briefly reached a historic high, peaking at $3,534.1 per ounce during the session, surpassing the previous record set on April 22 and marking an intraday gain of nearly 1.5%.

Meanwhile, spot gold prices remained stable, hovering around $3,395 per ounce for most of the day. As of press time, it was trading at $3,379.21, with only a 0.02% increase.

This market movement is directly linked to the U.S. government’s imposition of tariffs on gold bar imports. According to a report by CCTV News, on Thursday (August 7), the U.S. government imposed tariffs on 1-kilogram imported gold bars, based on a letter from U.S. Customs and Border Protection (CBP) dated July 31. The letter stated that 1-kilogram and 100-ounce gold bars should be classified under a higher-tariff code.

The market reacted strongly. Analysts and investors warned that this move could reshape the global gold trade landscape, as the market had widely expected such gold bars to be exempt from tariffs. Some market participants speculated that CBP might have made an error in its ruling, and the latest reports indicate that the White House will clarify the misinformation regarding gold tariffs.

This decision has had a significant impact on Switzerland, the world’s largest gold exporter. U.S.-Swiss relations were already strained due to the 39% tariffs imposed by Trump. UBS analyst Joni Teves described the news as "extremely unexpected" and "the market’s worst fear," noting a clear divergence between New York futures and spot gold prices, with futures premiums exceeding $100.

Analysts further pointed out that the tariffs could threaten New York’s position as the world’s largest gold futures trading hub, as they drive up U.S. gold prices and weaken competitiveness. Teves expressed concern that this could cause trouble for the global gold market, particularly affecting the hedging function and future settlement methods of Comex gold futures.

Notably, earlier this year, traders had already stockpiled a record amount of gold in New York to hedge against potential tariffs. John Reade, a senior market strategist at the World Gold Council, stated that if large quantities of gold had not been shipped to the U.S. over the past eight months, the price volatility would have been more severe, adding, "It’s right to be cautious."