Gold Futures Hit All-Time High

Gold futures prices skyrocketed to an unprecedented level, surpassing $3,500 per ounce, fueled by rumors of the United States imposing tariffs on one-kilogram gold bullion. However, prices slightly retreated following promises of clarification from the White House.

Market Uncertainty Persists

The situation remains volatile as discussions emerge about the extension of a previously imposed 39% tariff on Switzerland to include 100-troy-ounce bullion. This move could significantly impact the gold industry, given Switzerland's role as a major gold exporter to the US, with gold constituting 27% of its total exports last year.

The Swiss Precious Metals Association has raised concerns, warning that these tariffs could disrupt the "flow of physical gold," adding another layer of uncertainty to the market.

Current Gold Prices

As of Friday, gold prices were recorded at $3,398.29 per ounce. Meanwhile, gold futures for September contracts saw a 1.14% increase, trading at $3,448.80 per ounce.