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Commodity News Details
Gold scales fresh peak as tariffs tighten supply
08-Aug-2025 14:20
Gold prices skyrocketed to fresh records on Friday, with gold futures touching $3534 per ounce in Asia's electronic trade after the US announced new tariffs on gold imports. Indian bullion futures mirrored the surge, climbing 0.5% to ₹102250 per 10 grams on MCX. A US Customs notice reclassified 1-kg and 100-ounce gold bars under a new customs code subject to higher duties ' a move likely to hit Swiss refiners and tighten global supply chains. Adding to the momentum, President Trump's sweeping new tariffs on a wide range of imports, including a 100% duty on semiconductors, have reignited trade tensions. A weaker US dollar, with the dollar index dipping below 98 on expectations of a more dovish Fed, further boosted gold's appeal for global investors.

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