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You are at:Home»Business»Gold prices soar to record high as Trump tariffs threaten bullion trade
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Gold prices soar to record high as Trump tariffs threaten bullion trade

Buddy DoyleBy Buddy DoyleAugust 8, 2025No Comments2 Mins Read
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Gold prices soar to record high as Trump tariffs threaten bullion trade
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U.S. gold futures rose to a record high on Friday amid uncertainty over whether the Trump administration’s country-specific import tariffs would apply to the most commonly traded sizes of gold bars.

Washington may place the most widely traded gold bullion bars in the U.S. under country-specific tariffs, according to a ruling on the U.S. Customs and Border Protection Service’s website.

That ruling came as a blow to global supply chains for the metal and contributed to the rise in gold futures as markets reacted to its potential impact on the U.S. role in the gold futures market.

December U.S. gold futures rose $3,494.10 per ounce as of late morning after hitting a record of $3,534.10 earlier in the session, when the Financial Times first reported the news.

GOLD RUSH 2.0: AMERICANS CASH IN AS PRECIOUS METAL HOVERS NEAR ALL-TIME HIGH

“Gold’s panic ascent shows that even safe haven assets are not immune to the volatility unleashed in the confusion of the tariff age,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown in a Reuters report.

“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.

TRUMP ‘LIBERATION DAY’ RECIPROCAL TARIFFS TAKE EFFECT

Gold bars

Spot prices eased to $3,394 per ounce but are up 0.9% for the week. The spread between U.S. gold futures and spot prices widened, currently sitting at $100.

Analysts noted that they are waiting for further clarity on the issue, adding that a U.S. tariff on gold deliveries could significantly impact Switzerland, which is the world’s leading hub for gold refining and transit.

Swiss goods are subject to U.S. import tariffs of 39%, and the country is continuing to negotiate with the U.S. about reducing the levies.

The Swiss Precious Metals Association raised concerns about the impact of the tariffs on the gold industry, saying it’s in an active dialogue with stakeholders on the subject.

Reuters contributed to this report.

Read the full article here

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