Gold prices gained modestly in Asian markets on Friday, poised for a weekly advance as U.S. trade tariffs sparked renewed economic uncertainty. The focus also shifted to the possibility of new U.S. tariffs targeting one-kilogram gold bars, a development that could disrupt bullion markets and tighten physical gold availability.
Spot gold rose slightly by 0.1% to $3,398.65 per ounce, while December COMEX futures jumped 1% to $3,488.60 an ounce as of 00:26 ET (04:26 GMT). For the week, spot gold climbed about 0.8%, with futures set for a 2.6% increase.
U.S. Imposes Tariffs on One-Kilo Gold Bars, FT Says
The Financial Times reported on Thursday that the U.S. has introduced import tariffs on one-kilo gold bars, a move expected to disrupt global bullion trading and weigh on Switzerland, a major gold refiner and exporter.
According to a ruling by U.S. Customs and Border Protection (CBP) dated July 31, one-kilogram and 100-ounce gold bars will now be subject to customs duties. This contrasts with earlier assumptions that these bars would be exempt from Trump’s broad tariffs. One-kilo bars are the most commonly traded size on COMEX, the world’s largest gold futures exchange, with a large portion sourced from Switzerland.
These tariffs add to existing pressures on Switzerland, which already faces a 39% tariff on exports to the U.S. The country remains a key player in gold refining and exports substantial quantities of gold to America.
The tariff news fueled a strong rally in COMEX gold futures this week, which have significantly outpaced gains in spot prices.
Gold has hit record highs this year amid growing global economic uncertainty and increased demand for safe-haven assets, driven largely by trade tensions related to Trump’s tariffs.
In contrast, other precious metals slipped on Friday as traders favored gold due to supply concerns. Spot platinum dropped 0.5% to $1,334.14 per ounce, while spot silver declined 0.2% to $38.2065 per ounce.
Industrial metals saw modest gains, with copper futures on the London Metal Exchange up 0.4% to $9,716.65 per ton, and COMEX copper futures rising 0.2% to $4.4235 per pound.
After an initial surge past $5 per pound following Trump’s announcement of 50% tariffs on copper imports, refined copper was exempted, triggering a sharp correction in U.S. copper prices.
Dollar Declines Help Metals; Fed Chair Speculation Gains Traction
The weakening U.S. dollar supported metal prices this week amid growing market bets on a Federal Reserve interest rate cut in September.
This sentiment followed a series of weak U.S. labor reports, signaling a cooling jobs market.
Meanwhile, Bloomberg reported that Fed Governor Christopher Waller is emerging as President Trump’s leading candidate to replace Jerome Powell when his term ends in mid-2026.
Waller, who voted for a rate cut in July alongside one other Fed member, aligns with Trump’s preference for looser monetary policy.
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