Gold Futures Hit Record High

Gold futures climbed to a record high on Friday after a report that the United States had imposed tariffs on imports of one-kilogram gold bars, while spot gold stayed on track for a second straight weekly gain on tariff turmoil and U.S. interest rate-cut hopes. Spot gold was down 0.3% at $3,386.30 U.S. per ounce, after hitting its highest since July 23 earlier in the session. Bullion is up 0.7% so far this week. U.S. gold futures for December delivery were up 0.9% at $3,484.10, after hitting an all-time high of $3,534.10. The price spread between New York futures and spot prices widened by more than $100 after the Financial Times reported on Thursday that the United States had imposed tariffs on imports of one-kilogram gold bars, citing a letter from Customs and Border Protection. The letter, dated July 31, said one-kilogram and 100-ounce gold bars should be classified under a customs code subject to higher tariffs, a move that could impact Switzerland, the world’s largest gold refining hub. Elsewhere, spot silver fell 0.6% to $38.09 U.S. per ounce, platinum rose 0.7% to $1,343.61 and palladium dropped 0.8% to $1,142.