U.S. Gold Futures Hit Record After Trump Tariff

U.S. gold futures surged to a record high Friday following reports that the U.S. imposed new tariffs on imported 1 kg gold bars, according to Reuters. Spot gold held near $3,399.22 per ounce and is on pace for a second consecutive weekly gain of about 1%. The futures-spot gold spread widened over $100 after reports of new U.S. tariffs on 1 kg and 100-ounce gold bars. Zain Vawda said the tariff could disrupt the gold trade, create supply bottlenecks, raise premiums, and drive up spot gold prices. Senior market strategist at RJO Futures Bob Haberkorn said safe-haven demand and uncertainty over U.S. gold supply are rising, with prices likely to stay elevated until clarity emerges on the 39% tariff. The spike comes as traders also anticipate a Fed rate cut next month, with CME data showing an 89% chance of a 25-basis-point reduction.