Latest news with #ChristophWild
Reuters
6 hours ago
- Business
- Reuters
Switzerland wants binding Trump commitment on gold tariffs, lobby group says
Aug 12 (Reuters) - U.S. President Donald Trump's statement on not putting tariffs on gold has sent an encouraging signal for trade stability but only a formal decision will provide certainty, the head of the Swiss precious metals association ASFCMP said on Tuesday. Trump on Monday said he would not impose tariffs on gold, a move welcomed by global bullion markets and which ended days of speculation that the yellow metal could be caught up in the ongoing global trade spat. "President Trump's statement is an encouraging signal for trade stability," said Christoph Wild, president of the ASFCMP, in a statement. "However, only a formal and binding decision will provide the certainty the gold sector and its partners require."
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Gold Rises Locally and Globally Amid U.S. Tariff Dispute on Swiss Bullion
Waleed Farouk Gold prices in the local market posted modest gains over the past week, in tandem with a rise in global spot prices, as the international market experienced sharp volatility following reports that the United States would impose tariffs on imported gold bullion—news later officially denied by the U.S. administration. Gold rose by 0.4%, with 21-karat gaining EGP 20 over the week, climbing from EGP 4,600 to EGP 4,620 per gram. In contrast, global spot gold recorded gains of about 1%, advancing from $3,363 to $3,397 per ounce. The price of 24-karat gold reached EGP 5,280, 18-karat stood at EGP 3,960, and 14-karat at EGP 3,080, while the gold pound coin was priced at around EGP 36,960. Confusion over the U.S. stance on tariffs for Swiss bullion remains a key factor influencing market sentiment, with any new developments likely to quickly impact local prices. On July 31, the U.S. Customs and Border Protection agency issued a letter stating that imports of gold bullion in one-kilogram and 100-ounce sizes would not be exempt from tariffs, subjecting them to a 39% import duty from Switzerland—the world's largest gold refining hub. The decision shocked the markets, disrupted global supply chains, and threatened around $24 billion of Swiss gold exports to the U.S. The move prompted some Swiss refineries to suspend or reduce shipments. While the White House dismissed the reports as 'misleading' and pledged to issue an executive order to clarify the situation, market anxiety persisted. Gold futures in New York spiked to $3,534 per ounce before retreating to $3,497, while prices in London remained largely steady, widening the spread between the two markets to more than $100. Analysts warn that a sustained gap could reshape global gold flows and diminish the appeal of the COMEX exchange to international investors. High-purity bullion imported from Switzerland is used to back financial contracts traded on COMEX, meaning any customs restrictions pose a direct threat to the market's infrastructure. Christoph Wild, President of the Swiss Precious Metals Producers and Traders Association, described the tariffs as 'a new slap' to trade relations with the U.S., warning of their impact on the market's ability to meet rising global demand. On the economic front, weak U.S. data bolstered market bets that the Federal Reserve will cut interest rates by 25 basis points at its September meeting, after the nonfarm payrolls report showed a slowdown in hiring and the ISM services index indicated contraction in the sector. However, inflation remains the key factor: the prices-paid index in the services sector rose to its highest level since November 2022, potentially keeping the Fed in a balancing act between controlling inflation and supporting employment. Next week's data releases include the Consumer Price Index, Producer Price Index, retail sales, jobless claims, and speeches from several Fed officials. On Thursday, the U.S. Department of Labor reported that initial jobless claims rose to 228,000, compared with expectations of 221,000 and the previous reading of 218,000, while continuing claims reached 1.97 million, the highest since November 2021. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani
The Sun
4 days ago
- Business
- The Sun
White House to clarify tariffs for gold bars
LONDON: The White House plans to clarify what its official called misinformation about import tariffs for gold bars amid uncertainty, which saw some industry players pausing deliveries of bullion to the United States. According to a ruling on the U.S. Customs and Border Protection (CBP) service's website on Friday, Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, a move that would roil the metal's global supply chains. The White House intends to issue an executive order in the near future 'clarifying misinformation' about tariffs on gold bars and other specialty products, the White House official told Reuters on Friday. U.S. gold futures pared gains after the White House comment. They were last up 0.1% at $3,457 per ounce, reducing a premium over spot gold, the global benchmark, which was steady at $3,398. The CBP ruling refers to cast gold bars from Switzerland, the world's biggest bullion refining and transit hub, which is now subject to U.S. import tariffs of 39%. The CBP said that the correct HS customs code to use when supplying 1 kg bullion bars and 100 troy ounce bullion bars, the most traded sizes in the U.S. futures market, to the U.S. would be 7108.13.5500 and not 7108.12.10. However, Washington included only the latter code in the list of products excluded from country-specific import tariffs in April, with 7108.13.5500 not on the list. The Swiss Association of Precious Metals Manufacturers and Traders (ASFCMP) said in a statement that the clarification applied to any country delivering these bars to the U.S. 'The United States is a longstanding market for us, so this is a blow for the industry and for Switzerland,' Christoph Wild, president of the ASFCMP, told Reuters. 'With a tariff of 39%, exports of gold bars will be definitely stopped to the U.S,' Wild said. While Switzerland is the refining and transit hub, Britain is home to the world's largest over-the-counter gold trading hub, and South Africa and Canada are among major gold miners. 'Likely imposing 39% tariffs on Swiss kilobars is akin to pouring sand into an otherwise well-functioning engine. I say 'likely'...the possibility remains that this is an error,' said independent analyst Ross Norman. A major gold refinery in Switzerland stopped deliveries to the U.S. after seeing the CBP ruling, a top manager at the refinery told Reuters, while a gold logistics specialist said some other industry players outside Switzerland did the same. The White House's upcoming executive order 'should hopefully clear things up,' said the logistics source. Protecting the U.S. gold futures during this uncertainty are high stocks of gold in Comex-owned warehouses , after massive inflows over December-March as traders hedged against the possibility of broad U.S. tariffs hitting bullion imports. 'The COMEX inventories currently amount to 86% of open interest - against a more normal 40-45% - so there is no liquidity issue at present,' said StoneX analyst Rhona O'Connell. - Reuters
The Sun
4 days ago
- Business
- The Sun
White House to clarify tariffs for gold bars as industry stops flying bullion to US
LONDON: The White House plans to clarify what its official called misinformation about import tariffs for gold bars amid uncertainty, which saw some industry players pausing deliveries of bullion to the United States. According to a ruling on the U.S. Customs and Border Protection (CBP) service's website on Friday, Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, a move that would roil the metal's global supply chains. The White House intends to issue an executive order in the near future 'clarifying misinformation' about tariffs on gold bars and other specialty products, the White House official told Reuters on Friday. U.S. gold futures pared gains after the White House comment. They were last up 0.1% at $3,457 per ounce, reducing a premium over spot gold, the global benchmark, which was steady at $3,398. The CBP ruling refers to cast gold bars from Switzerland, the world's biggest bullion refining and transit hub, which is now subject to U.S. import tariffs of 39%. The CBP said that the correct HS customs code to use when supplying 1 kg bullion bars and 100 troy ounce bullion bars, the most traded sizes in the U.S. futures market, to the U.S. would be 7108.13.5500 and not 7108.12.10. However, Washington included only the latter code in the list of products excluded from country-specific import tariffs in April, with 7108.13.5500 not on the list. The Swiss Association of Precious Metals Manufacturers and Traders (ASFCMP) said in a statement that the clarification applied to any country delivering these bars to the U.S. 'The United States is a longstanding market for us, so this is a blow for the industry and for Switzerland,' Christoph Wild, president of the ASFCMP, told Reuters. 'With a tariff of 39%, exports of gold bars will be definitely stopped to the U.S,' Wild said. While Switzerland is the refining and transit hub, Britain is home to the world's largest over-the-counter gold trading hub, and South Africa and Canada are among major gold miners. 'Likely imposing 39% tariffs on Swiss kilobars is akin to pouring sand into an otherwise well-functioning engine. I say 'likely'...the possibility remains that this is an error,' said independent analyst Ross Norman. A major gold refinery in Switzerland stopped deliveries to the U.S. after seeing the CBP ruling, a top manager at the refinery told Reuters, while a gold logistics specialist said some other industry players outside Switzerland did the same. The White House's upcoming executive order 'should hopefully clear things up,' said the logistics source. Protecting the U.S. gold futures during this uncertainty are high stocks of gold in Comex-owned warehouses , after massive inflows over December-March as traders hedged against the possibility of broad U.S. tariffs hitting bullion imports. 'The COMEX inventories currently amount to 86% of open interest - against a more normal 40-45% - so there is no liquidity issue at present,' said StoneX analyst Rhona O'Connell. - Reuters
CNBC
4 days ago
- Business
- CNBC
Gold futures trade off highs as White House to issue clarification on bullion tariffs
Gold prices fell from a record high Friday after the White House said it will clarify "misinformation" about the precious metal facing tariffs. "The White House intends to issue an executive order in the near future clarifying misinformation about the tariffing of gold bars and other specialty products," a White House official told CNBC. Gold futures fell from an all-time closing high of $3,491.30 on the White House statement. The precious metal was last trading at $3,463.30 The Swiss Precious Metals Association warned earlier Friday that U.S. tariffs on gold bars "may negatively impact the international flow" of the precious metal. "We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the U.S., a long-standing and historical partner for Switzerland," said Christoph Wild, president of the Swiss Precious Metals Association. President Donald Trump has imposed a 39% tariff on Swiss exports to the U.S. Switzerland is the largest refiner of gold in the world. U.S. Customs and Border Protection apparently clarified this week that that 1 kilogram and 100 ounce gold bars are not excluded from the tariffs. "It must be noted that this clarification does not apply exclusively to Switzerland but to all 1kg and 100oz gold cast bars imported into the USA from any country," the Swiss Precious Metals Association said.
