AGE Daily Gold Update

AGE Daily Gold Update presents a recap on today's action in the precious metals markets. View archives.

8/8/2025: Gold sees 2.7% weekly rise

Source: Bill Musgrave, American Gold Exchange

Austin — New York spot gold gained 1.1% to close above $3,439 while gold futures surged temporarily to a new record high above $3,500 on uncertainty about the impact of new tariffs on bullion imports. Gold ended the week 2.7% higher. Silver added 0.7% to finish at $38.42, posting a weekly rise of 4.4%.

The Financial Times reported that US Customs and Border Protection published a notice saying imported gold bars of 1 kilo and 100 ounces will be subject to Trump's new country-specific tariffs. Bars from Switzerland, the world's leading refiner, would therefore be subject to duties of 39%.

The notice sent tremors through the gold market, pushing futures prices above $3,500 temporarily and raising the prospect that the New York futures market would lose its standing as a hub of the gold trade.

After the market closed, the White House announced a forthcoming executive order would provide clarity on the policy, suggesting that the published notice was in error. Futures prices retreated toward $3,350 in electronic trade.

Spot gold prices, which trade on instant rather than future delivery, remain strongly supported this week by expectations that the Fed will cut interest rates this fall by as much as 75 basis points because of slowing economic growth and weakness in the labor market.

Platinum slipped 0.7% today but rose 2% this week. Palladium shed 2.4% for a weekly loss of 6.7%, undercut by easing concerns about sanctions against Russia, a leading producer.

At the New York spot close: gold gained $38.80 to $3,439.10; silver added 26 cents, to $38,42; platinum slid $9.90 to $1,329.55; and palladium shed $27.80 to $1,130.25 an ounce.