
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 disrupt settlement processes for large banks, according to GoldSilver Central’s Brian Lan. Meanwhile, Trump’s broader tariffs on imports from countries like Switzerland, India, and Brazil took effect Thursday.
Weaker U.S. payroll data also raised expectations for a Fed rate cut. Silver fell, platinum gained, and palladium declined.