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New York Post
08-08-2025
- Business
- New York Post
Gold futures hit all-time high as tariff uncertainty sparks turmoil
US gold futures hit a record high on Friday amid uncertainty over whether country-specific US import tariffs would apply to the most commonly traded sizes of gold bars. Spot prices, meanwhile, eased but remained on track for a weekly gain. Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, according to a ruling on the US Customs and Border Protection service's website, which would be a major blow to global supply chains for the metal. Advertisement Washington may place the most widely traded gold bullion bars in the United States under country-specific import tariffs, which would be a major blow to global supply chains for the metal. EZPS – December US gold futures recently rose 1.2% to $3,494.10 per ounce after hitting a record $3,534.10 earlier in the session, when the Financial Times first reported the news. 'Gold's panic ascent shows that even safe haven assets are not immune to the volatility unleashed in the confusion of the tariff age,' Susannah Streeter, head of money and markets, Hargreaves Lansdown. 'If there is follow through and no intervention, this could threaten New York's dominance in the gold futures market, given prices have risen sharply compared to other trading centers,' she added. Advertisement The spread between US gold futures and spot prices widened, and currently sits at $100. Spot gold dipped 0.1% to $3,394.26 per ounce, but was up 0.9% for the week. Analysts broadly noted that they are awaiting further clarity on the issue, adding that a US tariff on gold deliveries could significantly affect Switzerland, given its status as the world's leading hub for gold refining and transit. Swiss goods are subject to US import tariffs of 39%, and the country is continuing discussions with the United States about reducing the levies. Advertisement Gold futures hit an intraday record of $3,534.10. AP The Swiss Precious Metals Association voiced concerns about the implications of the tariffs for the gold industry, and said it is in active dialog with key stakeholders. 'Longer term, the new tariffs could likely mean a jamboree for US refiners transforming large 400-oz bars into retail units,' said Adrian Ash, head of research at online marketplace BullionVault. Elsewhere, spot silver rose 0.1% to $38.35, platinum fell 0.5% to $1,327.79 and palladium was down 1.1% at $1,139.67.
Time of India
08-08-2025
- Business
- Time of India
US gold futures hit all-time high on tariff uncertainty over bullion imports
U.S. gold futures hit a record high on Friday amid uncertainty over whether country-specific U.S. import tariffs would apply to the most commonly traded sizes of gold bars. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads U.S. gold futures hit a record high on Friday amid uncertainty over whether country-specific U.S. import tariffs would apply to the most commonly traded sizes of gold prices, meanwhile, eased but remained on track for a weekly U.S. customs and border protection service released a ruling on its website on Friday, which the gold industry interpreted as meaning that country-specific U.S. import tariff could apply to the U.S. most-traded sizes of gold U.S. gold futures rose 0.9% to $3,483.70 per ounce after hitting a record $3,534.10 earlier in the session when the Financial Times reported the news first."Gold's panic ascent shows that even safe haven assets are not immune to the volatility unleashed in the confusion of the tariff age," Susannah Streeter, head of money and markets, Hargreaves broadly noted that they are awaiting further clarity on the issue, adding that a U.S. tariff on gold deliveries could significantly affect Switzerland, given its status as the world's leading hub for gold refining and spread between futures and spot prices widened, currently at $95. Spot gold fell 0.2% to $3,388.27 per ounce as of 10:17 am ET (1417 GMT) and was up 0.8% for the week."Short term this shouldn't have any impact on retail pricing, because while U.S. stockpiles are already huge right now, demand remains very poor. If or when that changes, then longer term the new tariffs (could) mean a jamboree for U.S. refiners transforming large 400-oz bars into retail units," said Adrian Ash, head of research at online marketplace gold inventories saw huge inflows from Switzerland and London between December and March, as traders moved to hedge against the potential imposition of broad U.S. tariffs on gold spot silver rose 0.2% to $38.25 per ounce, platinum fell 0.6% to $1,325.46 and palladium was down 2.4% at $1,123.50.
Economic Times
08-08-2025
- Business
- Economic Times
US gold futures hit all-time high on tariff uncertainty over bullion imports
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel U.S. gold futures hit a record high on Friday amid uncertainty over whether country-specific U.S. import tariffs would apply to the most commonly traded sizes of gold prices, meanwhile, eased but remained on track for a weekly U.S. customs and border protection service released a ruling on its website on Friday, which the gold industry interpreted as meaning that country-specific U.S. import tariff could apply to the U.S. most-traded sizes of gold U.S. gold futures rose 0.9% to $3,483.70 per ounce after hitting a record $3,534.10 earlier in the session when the Financial Times reported the news first."Gold's panic ascent shows that even safe haven assets are not immune to the volatility unleashed in the confusion of the tariff age," Susannah Streeter, head of money and markets, Hargreaves broadly noted that they are awaiting further clarity on the issue, adding that a U.S. tariff on gold deliveries could significantly affect Switzerland, given its status as the world's leading hub for gold refining and spread between futures and spot prices widened, currently at $95. Spot gold fell 0.2% to $3,388.27 per ounce as of 10:17 am ET (1417 GMT) and was up 0.8% for the week."Short term this shouldn't have any impact on retail pricing, because while U.S. stockpiles are already huge right now, demand remains very poor. If or when that changes, then longer term the new tariffs (could) mean a jamboree for U.S. refiners transforming large 400-oz bars into retail units," said Adrian Ash, head of research at online marketplace gold inventories saw huge inflows from Switzerland and London between December and March, as traders moved to hedge against the potential imposition of broad U.S. tariffs on gold spot silver rose 0.2% to $38.25 per ounce, platinum fell 0.6% to $1,325.46 and palladium was down 2.4% at $1,123.50.
International Business Times
13-05-2025
- Business
- International Business Times
Gold Prices Tumble 2.6% as U.S.-China Tariff Deal Shifts Risk Appetite
Gold prices have been extremely volatile in the last month, largely supported by evolving trade movements and investor sentiment. The precious metal rallied to record highs with U.S.-China trade war tensions and has since deflated. Gold prices slipped more than 2% on Monday after China and the United States reached a truce in their trade war that could avert an increase in tariffs, which buoyed appetite for riskier assets and dented gold's safe-haven appeal. Spot gold fell 2.6% to $3,237.04 per ounce as of 11:32 a.m. ET (15:32 GMT). U.S. gold futures followed suit, dropping 3.1% to $3,241.70. The decline followed the announcement that U.S. tariffs on Chinese goods would be cut from 145% to 30%, the same level as before the trade war, and China would lower tariffs imposed on hundreds of billions of U.S. exports to 10% from 125%. The cuts are to remain in place for 90 days, pending further negotiation. The change in the trade tone comes after a turbulent month for about an escalating tariff war and broader economic fallout pushed spot gold to an all-time high of $3,500.05 last month. The rally was mainly supported by investors seeking a safe haven as they poured into bullion because of global instability and fears about the U.S. administration's trade position. But risk appetite began to return to global markets, as there have been signs of a diplomatic breakthrough in recent weeks. Shares surged on Monday, and the dollar jumped to a one-month high, piling pressure on gold. A stronger dollar tends to make dollar-priced gold more expensive for overseas buyers, hurting demand. "Gold's knee-jerk move last month to White House headlines has made the precious metal ripe for a reversal if Trump can convince the market that he's back-tracking," said Adrian Ash, director of research at BullionVault. "With encouraging sentiment in the new mood music, upside potential for gold is likely to be realized only on corrections to such sentiment." The technical dynamics of the market have also improved due to the tariff deal. – According to Jim Wyckoff, a senior analyst at Kitco Metals, gold bulls have faded and forfeited their near-term technical advantage this week. "The next upside target is to break through $3,350. "Initial resistance is at $3,250, followed by $3,275," he added. More signals on which way gold prices may be headed next could come next week, when investors will be looking to a slew of important U.S. economic reports. The report on the Consumer Price Index (CPI) is scheduled for release Tuesday, with the Producer Price Index and retail sales figures on Thursday and Friday, respectively. These readings are likely to affect expectations for interest rate policy from the Federal Reserve. Low rates are usually advantageous for gold, which does not pay interest. Despite a softer geopolitical backdrop, prices may find support if the Fed shows any signs of a dovish pivot. In the overall precious metals market, other prices declined as well. Spot silver fell 0.4% to $32.56 an ounce, platinum retreated 1.6% to $978.80, and palladium dropped 2.7% to $949.43. While Monday's retreat of 6% from a 7-year high of $1,704.30 an ounce hit last week, there's still a lot of uncertainty in the gold outlook, analysts warn. Then again, signs that trade talks are getting worse and a surprise in more inflationary data in the near future could put the safe-haven trading frenzy back in order. For now, the market appears to be taking a breather after weeks of intense volatility.
Business Recorder
13-05-2025
- Business
- Business Recorder
Gold falls over 2pc as US and China strike tariff deal
NEW YORK: Safe-haven gold fell more than 2% on Monday as risk sentiment crept in following the announcement of a temporary deal between the United States and China to reduce tariffs. Spot gold was down 2.6% at $3,237.04 an ounce, as of 1132 ET (15:32 GMT). Bullion, considered a hedge against economic and geopolitical turmoil, hit a record high of $3,500.05 last month amid increased tariff uncertainty. US gold futures shed 3.1% to $3,241.70. 'Gold's feverish response to last month's chaotic headlines from the White House made the precious metal vulnerable to Trump back-tracking,' said Adrian Ash, BullionVault director of research.'Now that the mood music is more hopeful, gold is likely to find upside potential on setbacks to this optimism.' The US will cut extra tariffs it imposed on Chinese imports in April this year to 30% from 145% and Chinese duties on US imports will fall to 10% from 125%, the two sides said. The new measures are effective for 90 days. In other markets following the deal, the US dollar surged to over a one-month high, and global shares rallied. A stronger greenback makes gold more expensive for foreign investors. 'June gold futures bulls have lost their overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at $3,350. First resistance is seen at $3,250 and then at $3,275,' said Jim Wyckoff, senior analyst at Kitco Metals. Traders now await the US Consumer Price Index data, due on Tuesday, to get direction on the Federal Reserve's policy path. Other key data sets due this week include the Producer Price Index and retail sales.
