Gold market is trying to assess the impact of the US government's decision to impose tariffs on Swiss gold imports. According to media reports, US has imposed 39% tariffs on Switzerland, a major development regarding gold has struck another blow to the 'world's refining hub.' Now, one-kilogram and 100-ounce gold bars have been reclassified under a customs code subject to tariffs. COMEX Gold futures shot up to a fresh high of $3530 per ounce following this. The metal is up around 40% over last one year and has gained around 2.5% this month so far.

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