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Swiss gold refiners interested in setting up in US, says official
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Swiss gold refiners interested in setting up in US, says official
Nov 14, 2025 9:35 AM

BERLIN, Nov 14 (Reuters) - Swiss gold refiners are

interested in setting up shop in the United States in the

future, said a senior Swiss economic affairs official on Friday

at a press conference after a tariff agreement was reached with

Washington.

Switzerland exported nearly 53 billion Swiss francs'

($66.83 billion) worth of gold to the United States in 2024, a

major contributor towards the European country's overall trade

surplus of 39 billion francs with the U.S.

However, gold is not very profitable for Switzerland, with a

"very, very small" margin of perhaps 1% or less, said Helene

Budliger Artieda, director of the State Secretariat for Economic

Affairs (SECO).

"But I believe it's important for them. For the U.S., it's

crucial to strengthen its gold market," Budliger added.

The precious metal, which is imported to Switzerland

from elsewhere and then resized for the U.S. market, remains

exempt from U.S. tariffs.

The United States will reduce its tariffs on goods from

Switzerland to 15% from a crippling 39% under a new framework

trade agreement that includes a pledge by Swiss companies to

invest $200 billion into the U.S. by the end of 2028, the Swiss

government said on Friday.

($1 = 0.7931 Swiss francs)

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