XAU/USD faces pressure as US tariffs target Swiss gold bar deliveries

XAU/USD is experiencing heightened volatility as new US tariffs on Swiss kilo and 100-ounce gold bars threaten COMEX delivery mechanisms. These specific formats are crucial for physical settlement on the exchange, and the tariff implementation is creating significant stress on gold market infrastructure. The restrictions could lead to delivery bottlenecks and price dislocations between spot and futures markets, potentially forcing XAU/USD lower as market participants reassess liquidity risks. Swiss gold refiners, who dominate global production of these standardized bars, may need to redirect supply chains, further complicating market dynamics. Technical indicators suggest XAU/USD could test support at $2,650 if delivery concerns escalate, while resistance remains at $2,700. Traders should monitor COMEX inventory levels and basis spreads closely, as widening differentials could signal deepening market stress and trigger further USD strength against gold.