COMEX Gold well supported as US tariffs set to impact supplies

COMEX 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. The metal rose 0.63% on the day at $3470 per ounce.

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