Gold futures in New York reached a record high due to the exclusion of Swiss gold bars from tariffs, hitting $4,490 per ounce. This move impacts the backbone of US gold trading, causing uncertainty in the market. Traders are assessing the implications on gold transfers and futures markets. The steep tariffs on Swiss kilo-bars raise questions about policy shifts or misclassification errors. However, the gold market is expected to adjust to minimize disruptions. Gold inventories in New York soared earlier this year as institutional investors shipped physical bars ahead of tariff announcements.

Read more at Yahoo Finance: Gold futures in New York surge as tariff confusion sweeps precious metal market