Latest news with #CustomsBorderProtection
Mint
3 days ago
- Business
- Mint
Gold rate today is on an uptrend as Trump's tariffs boost safe-haven demand. Opportunity to buy?
Gold prices surged by ₹ 557 to ₹ 1,02,025 per 10 grams in Friday's futures trade, driven by fresh positions from speculators amid robust spot demand. On the Multi Commodity Exchange, October gold contracts rose ₹ 557, or 0.55 per cent, to ₹ 1,02,025 per 10 grams, with a business turnover of 16,929 lots. In the international market, Comex gold futures for December delivery slipped 0.07 per cent to $3,393.97 per ounce in New York. The strong rally in the precious metal can be attributed to to strong safe-haven buying in the face of global uncertainty, increasing geopolitical tensions, and an anticipated rate cut by the U.S. ' Adding to the uncertainty, the US has imposed tariffs on imports of one-kilo and 100-ounce gold bars, a decision set to disrupt the global bullion market and strike Switzerland, the top gold refining hub. According to a Customs Border Protection ruling letter dated July 31, the bars fall under a customs code subject to levies. One-kilo bars, the most traded format on Comex and the mainstay of Swiss bullion exports, are now hit with tariffs that could add $24 billion in costs based on last year's $61.5 billion export volume. Switzerland's 39% tariff rate took effect Thursday. This move has created fresh uncertainty in the market,' said Aksha Kamboj, VP, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures. Another key reason behind the rally is rising domestic demand for the festive and wedding season also favors high levels of prices. ' Indian investors remain long-term value stores and hedge against inflation and currency risks,' said Kamboj said. Kamboj further added, ' Even as prices are at all-time highs, gold is still an essential element of diversification in a portfolio. One can adopt a staggered entry through SIPs in gold ETF or sovereign gold bonds to ride through volatility and still get long-term exposure. Any price correction because of short-term profit booking can prove to be a new entry point.' Sugandha Sachdeva, Founder of SS WealthStreet, highlighted that a sharp depreciation in the Indian rupee to a record low of 88.10 against the US dollar amplified gold's gains, as currency weakness boosts rupee-denominated returns. ' Support also came from softer US labour market data released last week, which reinforced market expectations of a rate reduction by the US Fed in September,' Sachdeva said. Sachdeva further went on to say that the trend in gold remains constructive from a technical perspective. ' In the international market, $3,440 per ounce stands as a crucial resistance level, while $3,280 per ounce offers strong support. Price action in the coming week is likely to be influenced by further tariff-related developments and the upcoming US CPI data, which will shape expectations for US monetary policy,' she said. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Reuters
4 days ago
- Business
- Reuters
US imposes tariffs on one-kilo gold bars, FT reports
WASHINGTON, Aug 7 (Reuters) - The United States has imposed tariffs on imports of one-kilo gold bars, the Financial Times reported on Thursday, citing a letter from Customs Border Protection. The letter - dated July 31 - said one-kilo and 100 ounce gold bars should be classified under a customs code subject to levels, according to the newspaper, which added that the move could impact Switzerland, the world's largest refining hub.
New Straits Times
4 days ago
- Business
- New Straits Times
Gold futures hit record high after US tariff report
NEW YORK: Gold futures jumped to a fresh high on Friday following a report that the United States has imposed tariffs on imports of one-kilo gold bars, while spot gold was headed for a second straight weekly rise on tariff turmoil and US interest rate-cut hopes. Spot gold was down 0.2 per cent at US$3,389.37 per ounce, as of 0104 GMT, after hitting its highest since July 23 earlier in the session. Bullion is up 0.8 per cent so far this week. US gold futures for December delivery were up 1.6 per cent at US$3,509.10, after hitting an all-time high of US$3,534.10. The United States has imposed tariffs on imports of one-kilo gold bars, the Financial Times reported on Thursday, citing a letter from Customs Border Protection. The letter, dated July 31, said one-kilo and 100-ounce gold bars should be classified under a customs code subject to levels, according to the newspaper, which added that the move could impact Switzerland, the world's largest refining hub. US President Donald Trump's higher tariffs on imports from dozens of countries kicked in on Thursday, leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal. Gold is often used as a safe store of value during times of political and financial uncertainty. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.66 per cent to 959.09 metric tons on Thursday from 952.79 tons on Wednesday. Last week, weaker US payrolls data boosted rate-cut bets, with the market now pricing in an over 91 per cent chance of a 25-basis-point reduction next month, as per CME Group's FedWatch Tool. Risks to the job market have increased, but it remains too soon to commit to rate cuts before the next meeting of the Federal Reserve, with key data still to come and inflation still expected to rise in coming months, Atlanta Fed President Raphael Bostic said.
Economic Times
4 days ago
- Business
- Economic Times
Gold futures hit record high after US tariff report
Gold futures jumped to a fresh high on Friday following a report that the United States has imposed tariffs on imports of one-kilo gold bars, while spot gold was headed for a second straight weekly rise on tariff turmoil and U.S. interest rate-cut hopes. ADVERTISEMENT * Spot gold was down 0.2% at $3,389.37 per ounce, as of 0104 GMT, after hitting its highest since July 23 earlier in the session. Bullion is up 0.8% so far this week. * U.S. gold futures for December delivery were up 1.6% at $3,509.10, after hitting an all-time high of $3,534.10. * The United States has imposed tariffs on imports of one-kilo gold bars, the Financial Times reported on Thursday, citing a letter from Customs Border Protection. * The letter, dated July 31, said one-kilo and 100-ounce gold bars should be classified under a customs code subject to levels, according to the newspaper, which added that the move could impact Switzerland, the world's largest refining hub. ADVERTISEMENT * U.S. President Donald Trump's higher tariffs on imports from dozens of countries kicked in on Thursday, leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal. * Gold is often used as a safe store of value during times of political and financial uncertainty. ADVERTISEMENT * SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.66% to 959.09 metric tons on Thursday from 952.79 tons on Wednesday. * Last week, weaker U.S. payrolls data boosted rate-cut bets, with the market now pricing in an over 91% chance of a 25-basis-point reduction next month, as per CME Group's FedWatch Tool. ADVERTISEMENT * Risks to the job market have increased, but it remains too soon to commit to rate cuts before the next meeting of the Federal Reserve, with key data still to come and inflation still expected to rise in coming months, Atlanta Fed President Raphael Bostic said. * Elsewhere, spot silver fell 0.3% to $38.19 per ounce, platinum rose 1.3% to $1,350.98 and palladium eased 0.4% to $1,146.48. (You can now subscribe to our ETMarkets WhatsApp channel)
Business Times
4 days ago
- Business
- Business Times
Gold futures hit record high after US tariff report
[BENGALURU] Gold futures jumped to a fresh high on Friday (Aug 8) following a report that the United States has imposed tariffs on imports of one-kilo gold bars, while spot gold was headed for a second straight weekly rise on tariff turmoil and US interest rate-cut hopes. Spot gold was down 0.2 per cent at US$3,389.37 per ounce, as at 9.04 am, after hitting its highest since July 23 earlier in the session. Bullion is up 0.8 per cent so far this week. US gold futures for December delivery were up 1.6 per cent at US$3,509.10, after hitting an all-time high of US$3,534.10. The United States has imposed tariffs on imports of one-kilo gold bars, the Financial Times reported on Thursday, citing a letter from Customs Border Protection. The letter, dated Jul 31, said that one-kilo and 100-ounce gold bars should be classified under a customs code subject to levels, according to the newspaper, which added that the move could impact Switzerland, the world's largest refining hub. US President Donald Trump's higher tariffs on imports from dozens of countries kicked in on Thursday, leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Gold is often used as a safe store of value during times of political and financial uncertainty. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.66 per cent to 959.09 tonnes on Thursday from 952.79 tonnes on Wednesday. Last week, weaker US payrolls data boosted rate-cut bets, with the market now pricing in an over 91 per cent chance of a 25-basis-point reduction next month, as per CME Group's FedWatch Tool. Risks to the job market have increased, but it remains too soon to commit to rate cuts before the next meeting of the US Federal Reserve, with key data still to come and inflation still expected to rise in the coming months, Atlanta Fed president Raphael Bostic said. Elsewhere, spot silver fell 0.3 per cent to US$38.19 per ounce, platinum rose 1.3 per cent to US$1,350.98, and palladium eased 0.4 per cent to US$1,146.48. REUTERS
