China Boosts Gold Purchases Amid US Tariffs

China is reportedly ramping up gold purchases as the US government slaps tariffs on billions of dollars in gold bullion imports.

Central Bank’s Gold Expenditure

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.

Growth of Gold Reserves

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.

US Import Tariffs on Gold

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.

Classification of Gold Bars

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.

Financial Impact of Tariffs

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.

Current Gold Prices

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.

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