Gold Soars Amid Reports Of US Tariffs On Gold | Commodities
(RTTNews) – Gold costs jumped on Friday with news popping out that the US is reportedly planning to impose tariffs on gold imports in a transfer suggesting that even safe-haven belongings should not resistant to the volatility set off by trade battle.
Front Month Comex Gold for August supply surged $38.80 (or 1.14%) to $3,439.10 per troy ounce as we speak. Gold has gained $91.40 (or 2.73%) per troy ounce over the week.
Front Month Comex Silver for August supply rose 25.90 cents (or 0.68%) to $38.417 per troy ounce as we speak. Silver gained $1.6300 (or 4.43%) per troy ounce over this week.
A report from The Financial Times cited a July 31 letter from the US Customs and Border Protection asking for 1-kilo and 100-ounce gold bars to be categorized underneath a code that permits subjecting them to tariffs. Details of the taxation methodology by way of customs are but to emerge.
Switzerland has change into a casualty of this transfer. It is the largest participant in gold refining with houses to many gold refineries.
Switzerland has a trade surplus with the US that grew by leaps and bounds over the previous a number of months. In the primary six months of 2025, it shipped $47.5 billion of gold to the US from $12 billion within the second half 2024. Having been slapped with 39% tariff earlier, its gold exports to the US are liable to face this levy.
Established international trade move involving conventional motion of massive bars between Switzerland, London, and the US stands considerably disrupted.
Aside from this tariff news, gold costs have been pushed up as we speak by the rising optimism about Fed rate of interest cuts primarily based on final week’s weak jobs knowledge.
In addition, fears of the US economic system going into stagflation additionally supported gold costs.
On the information entrance, complete US shopper credit rose by $7.37 billion in June, accelerating from a $5.1 billion gain in May.
Analysts really feel that with US President Donald Trump continually shifting objective posts in his tariff battle with the trading companions, although long-term hypothesis is troublesome, within the short-term if stated tariffs stay in place, gold costs might even see additional upside.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
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