Gold Futures Hit Record High After Report Of US Tariffs On Gold Bars
Gold futures surged to an all-time high on Friday following reports that the U.S. has imposed tariffs on imported 1-kilogram gold bars, while spot gold remained on track for its second consecutive weekly gain, driven by trade concerns and hopes of a U.S. interest rate cut.
As of 03:05 GMT, spot gold was down 0.3% at $3,386.30 per ounce but had earlier touched its highest level since July 23. It has risen 0.7% this week. U.S. gold futures for December climbed 0.9% to $3,484.10 after reaching a record $3,534.10. The price gap between futures and spot widened over $100 after a report revealed that the U.S. had reclassified 1-kg and 100-ounce gold bars under a customs code now subject to higher tariffs—impacting Switzerland, the leading gold refining nation.
The tariffs are expected to ...