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For August delivery, Front Month Comex Gold today increased by $ 38.80 (or 1.14%) to $ 3,439.10 per troy ounce. Gold has obtained $ 91.40 (or 2.73%) per troy ounce in the week.
Front Month Comex Silver for August delivery increased by 25.90 cents (or 0.68%) to $ 38.417 per troy ounces today. In this week, silver received $ 1.6300 (or 4.43%) per troy ounce.
A report by the Financial Times cited a letter of July 31 from the US Customs and Border Protection, in which 1-Kilo and 100-Oons of Gold Bars must be classified under a code that enables them to subdue them to tariffs. The details of the taxation method through customs are yet to emerge.
Switzerland has been casualty for this step. It is the biggest player in gold refining with homes for many gold refiners.
Switzerland has a business surplus with the US that rises from the leap and range in the last several months. In the first six months of 2025, it sent gold to $ 12 billion to $ 47.5 billion in the second half 2024 to the US. Earlier, 39% of tariffs were slapped with tariffs, its gold exports to the US are responsible for facing this levy.
The global trade flow was greatly interrupted by incorporating the traditional movement of large bars between Switzerland, London and the US.
In addition to this tariff news, gold prices were pushed today by rising optimism about the cost cut in the fed interest rate based on the data of last week’s weak jobs.
In addition, the US economy was going to fears that Stagflation also supported gold prices.
On the data front, the total American consumer credit in June increased by $ 7.37 billion, which increased by $ 5.1 billion in May.
Analysts feel that US President Donald Trump is constantly moving tariff positions with business partners with business partners, although long -term speculation is difficult, the short term if it is said that the tariffs are in the place, the gold prices can be seen even more reverse.
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