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20h ago

Gold Near Record Highs After US Imposes Tariffs on Large Bars and Indian Imports

An unexpected Customs ruling on one-kilogram and 100-ounce bars has driven futures premiums above $100 an ounce, lifting gold to record highs ahead of Federal Reserve policy decisions.

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Traders also watched for Trump’s nomination within days of a temporary Federal Reserve governor who is expected to be more aligned with his agenda to ease monetary policy.
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Overview

  • US Customs and Border Protection reclassified one-kilogram and 100-ounce gold bars under tariff-liable codes, sending Comex futures premiums above $100 per ounce and straining the global bullion pipeline.
  • President Trump’s doubling of tariffs on Indian goods to 50% has pushed domestic prices past ₹1.04 lakh per 10 grams during festival-season buying.
  • Global spot gold hovers near $3,480 per ounce, reflecting heightened safe-haven demand driven by US economic slowdown bets and trade-policy shocks.
  • Switzerland’s refineries have curtailed shipments to the US in response to the new duties, disrupting the London-Zurich-New York bullion flow and tightening physical supplies.
  • Investors are now focused on upcoming Federal Reserve signals and US economic data to assess the prospects for further rate cuts and gold’s price trajectory.