Tariffs, trade wars, and the golden fallout...

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Gold has always thrived in times of political tension, and the latest US move to impose heavy import tariffs on Swiss gold bars has pushed prices to record highs of $3,534 (£2,632). Switzerland, the world’s leading gold bullion exporter, shipped over £45bn worth to the US last year, but new tariffs now make importing those bars far more expensive.

For traders, that means higher costs; for investors, it’s another reason gold is climbing. The US argues tariffs help level the global trade playing field, especially against Switzerland’s £28.8bn surplus, but targeting such a globally sensitive asset risks unintended consequences.

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Markets hate uncertainty, and this decision adds plenty. Supply chains can’t adjust overnight, and limited supply plus higher costs means one thing — higher prices. If tensions cool, prices may settle, but if not, we could see new records. This might be a tariff too far, but until the dust settles, gold will keep doing what it does best — shining brightest when the world looks uncertain.