Gold Futures Hit Record High After Report Of US Tariffs On Gold Bars

Singapore: Gold futures surged to a record high on Friday following a report that the United States had imposed tariffs on imports of 1-kg gold bars, while spot gold remained on track for a second consecutive weekly gain amid tariff concerns and expectations of a US interest rate cut.

Spot gold slipped 0.3% to $3,389.37 per ounce, after earlier touching its highest level since July 23. The metal is up 0.8% so far this week.

US gold futures for December delivery rose 1.6% to $3,509.10, after reaching an all-time high of $3,534.10 earlier in the session.

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The Financial Times reported on Thursday that the US had imposed tariffs on imports of 1-kg gold bars, citing a July 31 letter from Customs and Border Protection. The letter stated that 1-kg and 100-ounce gold bars should be classified under a customs code subject to higher tariffs.

In other precious metals, spot silver fell 0.3% to $38.19 per ounce, platinum gained 1.3% to $1,350.98, and palladium declined 0.4% to $1,146.48.

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