US EditionGold Futures Hit Record on U.S. Tariff Shock; Mixed Day for Stocks
UNITED STATES, AUG 8 – U.S. tariffs on one-kilo gold bars triggered a 1.6% rise in gold futures to $3,509.10, reflecting increased market uncertainty and expectations of Federal Reserve rate cuts.
- On Friday, U.S. gold futures hit a record high after the Financial Times reported that the U.S. imposed tariffs on imports of 1-kg gold bars.
- According to the Financial Times, U.S. Customs and Border Protection reclassified one-kilo and 100-ounce gold bars under a higher-duty customs code, as part of Trump’s 39% levy on Swiss gold exports.
- U.S. gold futures rose 1.3% to $3,499.30 after touching an all-time high of $3,534.10, and the spread between New York futures and spot prices widened by around $100.
- Weaker U.S. payroll data last week bolstered expectations for a Federal Reserve interest rate cut, with CME Group’s FedWatch Tool indicating a 91% probability of a 25-basis-point reduction next month.
- Switzerland exported $61.5bn of gold to the U.S. in the 12 months to June, and under a 39% tariff rate, those shipments could face an additional $24bn in levies, Financial Times reported.
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132 Articles
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Speculators are panicking at the uncertainty surrounding Trump's customs policy. The status of gold as a safe haven value is therefore reinforced.
·Paris, France
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The decision of the United States to apply tariffs on imports of 1 kilogram gold ingots, the most common to be traded in Comex, the world's largest market for gold derivatives, has led to a sharp upturn in the price of the futures of precious metal on the American market, where they climbed to a maximum intraday of $3,534 per troy ounce, while in London they remained stable.
·Madrid, Spain
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Total News Sources132
Leaning Left8Leaning Right20Center25Last UpdatedBias Distribution47% Center
Bias Distribution
- 47% of the sources are Center
47% Center
15%
C 47%
R 38%
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