Gold prices hit record highs after former US President Donald Trump announced new tariffs on gold bars, blindsiding the bullion market.
The decision imposes import duties on one-kilogram and 3.11-kilogram (100-ounce) bars—key products in the global gold trade.
Malaysian gold futures surged to RM15,377 per troy ounce (equivalent to approximately RM494,574 per kilogram or about RM495 per gram) on Friday following an FT report, with mining stocks like Fresnillo and Greatland Resources rising 1.6% and 3.8% respectively. The move delivers a major blow to Switzerland, the world’s largest gold refining hub, which exported RM255.92 billion worth of gold to the US in the past year. Under the existing 39% tariff, Switzerland now faces an additional RM100.8 billion in levies.
Swiss officials have failed to persuade Washington to reverse the tariff hike, which took effect Thursday. It remains unclear whether other gold forms—such as London’s 12.44-kilogram (400-ounce) bars—will also be taxed, or when exactly the new levies will be enforced.
Market analysts warn the decision could disrupt supply and push prices higher. Susannah Streeter of Hargreaves Lansdown said the bullion market was “blindsided” and that investors should be cautious, noting gold’s history of volatility. Zain Vawda from Market Pulse added that potential supply bottlenecks could drive spot prices up, while RJO Futures’ Bob Haberkorn expects elevated safe-haven demand until more details emerge.
