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August 08, 2025
Gold Price Today: Gold futures in the U.S. soared on Friday. The jump followed news that Washington has placed tariffs on 1-kg gold bar imports.
This decision widened the gap between New York futures and global spot prices.
December gold futures climbed 0.7% to $3,476.70. Earlier in the day, they touched a new all-time high of $3,534.10.
Spot gold was trading lower at $3,386.63 per ounce around 11:51 GMT. It dipped by 0.3% on the day. Still, gold is set for a second weekly gain in a row.
So far this week, it has risen about 0.7%.
The price gap between futures and spot gold has now crossed $100. This sharp spread followed a report by the Financial Times.
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According to the report, the U.S. has slapped tariffs on imports of 1-kg gold bars. The information was based on a July 31 letter from U.S. Customs and Border Protection.
The letter mentioned that both 1-kg and 100-ounce gold bars now fall under a category with higher import duties. This reclassification could have a direct impact on prices.
Ricardo Evangelista, senior analyst at ActivTrades, weighed in on the situation.
He said it’s hard to make long-term predictions because U.S. trade policies often shift without warning.
But if these tariffs stay in place, spot gold prices will likely move higher. That would reduce the gap between spot and futures prices. Switzerland remains the world’s leading hub for gold refining.
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It also stands as the top supplier of gold to the U.S. But fresh trade tensions are now in play. On Thursday, higher U.S. import tariffs officially took effect.
These were part of former President Donald Trump’s broader trade crackdown.
Countries like Switzerland, Brazil, and India have been hit by the move. Now, they’re urgently exploring new trade options to ease the impact.
Ole Hansen, the head of commodity strategy at Saxo Bank, shared his view on the current gold market. He said that, for now, the London spot price remains the most trusted indicator of gold’s real value.
According to him, spot gold has been moving sideways since April. It would take a clear break above $3,450 to signal a new upward trend. Gold, often seen as a safe-haven asset, is gaining strength once again.
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This time, the support comes from rising expectations that the Federal Reserve might cut interest rates next month.
Last week’s weak U.S. payroll numbers added fuel to that belief.
Following the data, CME Group’s FedWatch Tool showed an 89% chance of a 25-basis-point rate cut in September.
Meanwhile, silver prices stayed steady at $38.31 per ounce. Platinum edged down by 0.5% to $1,326.91. Palladium saw a sharper drop, falling 2.3% to $1,124.93.
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