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China is reportedly ramping up gold purchases as the US government slaps tariffs on billions of dollars in gold bullion imports.
According to a new report by Reuters, China’s central bank splurged $1.06 billion on gold in July, extending its streak of gold purchases to nine months.
Data from China’s central bank reveals that the nation’s gold reserves grew to $243.99 billion at the end of July, up from $242.93 billion at the end of June.
In a recent article, The Financial Times (FT) reports that the federal government slapped 39% import tariffs on goods from Switzerland on Thursday – including gold bullion carrying certain weights.
A ruling letter obtained by the Financial Times from the US Customs and Border Protection states that one-kilo and 100-ounce gold bars will now be classified in a way that makes them subject to taxes.
Data from FT finds that from June 2024 to June 2025, the US imported $61.5 billion worth of gold from Switzerland. That same amount, with President Donald Trump’s new tariffs, would result in about $24 billion worth of import taxes paid.
Gold is trading for $3,453 per ounce at time of writing, a marginal decrease on the day. The precious metal is up nearly 30% year-to-date.
