Gold futures hit record high after report of US tariffs on gold barsGold futures climbed to a record high on Friday after a report that
the United States had imposed tariffs on imports of 1-kg gold bars,
while spot gold stayed on track for a second straight weekly gain on
tariff turmoil and U.S. interest rate-cut hopes. ...
U.S. gold futures for December delivery were up 0.9% at $3,484.10, after hitting an all-time high of $3,534.10.
The price spread between New York futures and spot prices widened by
more than $100 after the Financial Times reported on Thursday that the
United States had imposed tariffs on imports of 1-kg gold bars, citing a
letter from Customs and Border Protection.
The letter, dated July
31, said 1-kg and 100-ounce gold bars should be classified under a
customs code subject to higher tariffs, a move that could impact
Switzerland, the world’s largest gold refining hub.
The tariffs on
gold bars “will create a dislocation or rather some issues in terms of
settlement by big banks” and this was reflected in liquidity prices this
morning, with prices jumping everywhere, said Brian Lan, managing
director at GoldSilver Central, Singapore. ...