US Gold Futures Hit Record High Amid New Tariffs on Gold Bars

Record High for US Gold Futures

• 📈 US gold futures surged to an all-time high on Friday, surpassing $35,000.
• ⚡ This surge followed reports of new tariffs imposed by Washington on imports of 1-kilogram gold bars.

Impact of New Tariffs

• 💰 The price spread between New York futures and spot gold prices widened by over $100.
• 📰 The Financial Times reported that US Customs and Border Protection will classify 1-kilo and 100-ounce gold bars under a customs code subject to higher tariffs.

Global Repercussions

• 🇨🇭 The new tariffs could significantly impact Switzerland, identified as the world's largest gold refining hub.
• 🌍 This move is part of broader tariffs imposed by President Donald Trump on imports from numerous countries, affecting major trading partners like Switzerland, Brazil, and India.

Gold as a Safe Haven

• ⚠️ Gold is traditionally viewed as a safe store of value during periods of political and financial uncertainty.