Gold prices rose to a record high on news that the US would impose tariffs on 1-kilogram gold bars imported from Switzerland. During Friday trading on the Comex exchange, December futures for the precious metal reached $3,534.1 per ounce, a historic high. They are currently trading at $3,484.5 per ounce, up 0.9% from the previous close.
The US Customs and Border Protection agency said that gold bars weighing 1 kg and 100 ounces (2.8 kg) should be classified under a customs code that is subject to import duties, according to a July 31 ruling seen by the Financial Times.
The customs decision came as a surprise to the industry. Experts had assumed that these types of gold bars would be classified under a different customs code that would not be subject to the new duties imposed by US President Donald Trump.
Kilogram bars are the most common form of trade on Comex, the world’s largest gold futures market, and account for the bulk of gold bar exports from Switzerland to the US.
Relations between Washington and Bern deteriorated after the US announced last week that it would impose 39% import duties on products from that country. According to customs data, gold is one of Switzerland’s main exports to the US.
“The prevailing opinion was that precious metals remelted by Swiss refineries and exported to the US could be shipped without paying duties,” said Christoph Wild, president of the Swiss Precious Metals Association. The decision to impose the duty is “another blow” to gold trading between Switzerland and the US, he believes.
Serbia has decided to repatriate all its gold reserves stored abroad and transfer them to the territory of the country. This is reported by Bloomberg agency, citing sources in financial circles. The total value of assets is estimated at about 6 billion dollars at current market prices.
According to the agency, Serbia will be the first country in Eastern Europe to decide on the full return of physical gold reserves from such traditional depositories as Great Britain, Switzerland and the United States.
The decision comes amid increasing geopolitical instability, inflationary pressures and uncertainty in global markets. Serbian authorities view the physical placement of gold domestically as an additional guarantee of liquidity and sovereignty, especially in case of emergency economic or currency shocks.
As of mid-2025, Serbia’s foreign exchange reserves total approximately EUR 25.3 billion, of which:
– more than 40 tons of gold (equivalent to about EUR 2.7 billion),
– the rest are foreign currency assets, including euros, dollars and SDRs (IMF Special Drawing Rights).
Traditionally, a significant portion of Serbian gold reserves has been held at the Bank of England in London, one of the world’s largest repositories of precious metals. This bank serves more than 30 nations, including the Netherlands, Germany, Hungary and others, which have also undertaken partial gold refunds over the years.
The reasons for the return are explained by several key considerations:
– Guarantee of physical control – in the face of possible international sanctions, geopolitical risks or asset blockages.
– Precedents for blockages – including the UK’s refusal to transfer gold to Venezuela, which heightened anxiety among developing countries.
– Strengthening macro-financial resilience – physical gold domestically is seen as a tool to stabilize national currencies in the event of crises.
Gold repatriation is a global trend in recent years. Such steps have been taken by:
– Germany – returned more than 300 tons of gold from Paris and New York;
– Hungary – tripled its gold reserves and transported them to the country;
– Turkey – repatriated the entire volume of gold from the US in 2018.
Serbia’s decision to return gold to its territory is not only a financially logical move, but also a political signal reflecting the growing role of sovereignty and autonomy in the management of state assets. Against the backdrop of global fragmentation of economic blocs and sanctions risks, even small economies are seeking to minimize external dependence, especially in matters related to key reserves.
https://t.me/relocationrs/1208
According to the April report of the World Gold Council, Uzbekistan has once again become the world leader in gold sales.
In April 2025, total gold purchases by central banks worldwide amounted to 12 tons, which is 12% less than in March and significantly below the average for the last 12 months (28 tons). This is the second consecutive month of decline in purchases.
WGC experts believe that the decline in demand may be linked to record gold prices recorded at the beginning of the year. Although central banks usually adhere to a long-term strategy, the rise in the price of gold may have temporarily reduced interest in active purchases.
The largest purchase in April was made by the National Bank of Poland, which increased its reserves by 12 tons to 509 tons. This exceeded the European Central Bank’s reserves of 507 tons. In total, Poland has purchased 61 tons of gold since the beginning of the year.
Other notable buyers included the central banks of the Czech Republic (+3 tons), China (+2 tons), Turkey (+2 tons), Kyrgyzstan (+2 tons), Kazakhstan (+1 ton), and Jordan (+1 ton).
Amid general caution in the gold market, the Central Bank of Uzbekistan continued to sell off its reserves, selling another 11 tons in April. Thus, for the third month in a row, the republic has maintained its position as the largest seller of the precious metal. Since the beginning of the year, gold reserves have decreased by 26 tons to 356 tons.
Uzbekistan retains its status as the largest gold exporter in 2025.
As of May 1, the country’s total gold and foreign exchange reserves reached $49.25 billion, equivalent to 15 months of imports. At the same time, foreign exchange reserves exceed $11 billion.
Record price growth
In 2025, gold reached historic highs, exceeding $3,500 per ounce, which is 28% higher than at the beginning of the year. This growth is driven by global economic and political factors, including:
US trade tariffs: the introduction of 10% tariffs on imports caused economic uncertainty, stimulating demand for gold as a safe asset.
Central bank purchases: active accumulation of gold, especially by Asian countries, increased demand.
Political instability: conflicts and sanctions have prompted investors to seek stable assets.
Analysts predict further growth in gold prices:
Goldman Sachs: up to $3,700 by the end of 2025.
JP Morgan: may exceed $4,000 in the second quarter of 2026.
Gov Capital: in an optimistic scenario, up to $4,631 by December 2025.
Investment bank Goldman Sachs has raised its forecast for the gold price at the end of 2025 to $3,700 per ounce, up $400 from its previous estimate. The bank’s analysts expect that amid growing recessionary risks and stronger demand from central banks, the price of gold could range from $3,650 to $3,950 per ounce. In the event of negative scenarios, such as an economic downturn in the United States, the price could reach $4,500 per ounce.
Historical dynamics of gold prices over the past 10 years.
2015-2018: The gold price remained in the range of $1,100-$1,300 per ounce.
2019-2020: Growth to $1,500-$2,000 per ounce amid global economic uncertainties.
2021-2022: Stabilization in the range of $1,800-$1,900 per ounce.
2023-2024: Gradual increase to $2,400 per ounce.
2025: Reaching record levels exceeding $3,200 per ounce.
Gold prices traditionally rise during periods of geopolitical instability and economic crises, as investors view the metal as a safe haven asset.
The rise in gold prices continues on Friday afternoon due to concerns about the global economic outlook and the falling dollar. Quotes of June gold futures on the Comex exchange by 12:30 a.m. rise by 2.2% to $3,246.2 per troy ounce. Earlier in the day, an ounce was worth $3,255.9, which is a record high in history.
On the spot market, quotes reached $3,234 per ounce.
The dollar index DXY, which shows the dynamics of the dollar against the six major world currencies, fell by more than 1% to a minimum since the beginning of 2022 due to weakening confidence in US assets in the context of the trade war, Trading Economics notes.
A cheap dollar makes gold more attractive to holders of other currencies.
Earlier this week, the United States eased its position on duties on most countries, giving them 90 days to negotiate to eliminate problems in bilateral trade. At the same time, duties on China were raised to 145%. On Friday, China retaliated by raising tariffs on American goods to 125%.
An escalation of the trade conflict between the world’s two largest economies could lead to a global recession, analysts say. In such circumstances, investors are showing increased interest in safe-haven assets, including gold.
“We believe that gold will continue to rally, and in a favorable scenario, prices could rise to $3,400-3,500 per ounce in the coming months,” said UBS analyst Giovanni Staunovo.
