Gold prices surged on August 8, with futures hitting record highs after reports that US President Donald Trump imposed tariffs on imported one-kilogram gold bars.
On the Comex exchange, December gold futures climbed to over $3,500 per 100 troy ounces — the highest in 52 weeks. In India, October MCX gold futures touched an all-time high of ₹1,02,250 per 10 grams.
According to the Financial Times, a US Customs and Border Protection letter confirmed that one-kilo and 100-ounce gold bars will now fall under a customs category already subject to tariffs. This change could particularly affect Switzerland, the world’s top gold refining hub, and may disrupt global gold pricing and settlements.
Earlier this year, Trump’s April tariff announcements excluded gold. But the latest decision comes amid wider tariff hikes on imports from many countries, including Switzerland, Brazil, and India — prompting them to seek trade adjustments.
Gold’s rally has been driven by its safe-haven appeal during political and economic uncertainty. With US rate-cut hopes and the new tariff move, demand — and prices — have strengthened further.
