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Friday, August 08, 2025

Gold prices shoot past $3,400 - latest to feel Trump tariff blast

تم إعداد هذا المنشور من قبل آرون ليسلي جون

Gold prices shoot past $3,400 - latest to feel...

Arun Leslie John, August 8, 2025, Gulf News

Dubai: Even gold is feeling the pressure of US President Trump's tariffs, with 1-kilo gold bars now coming under it. It will particularly affect Swiss exports of 1-kilo bars to the US.

On whether this will exert pressure on gold prices overall is moot - but for now, bullion rates have shot past $3,400 an ounce again from $3,372 levels in the last 24 hours.

The Dubai gold price is Dh378.75 for a gram of 22K, and the highest since July 21's Dh380.

Market sources say that gold shoppers and retailers in the UAE and Gulf need not worry about the US tariffs on 1-kilo bars.

"Prices of gold in the UAE are likely to not be impacted at such a drastic level," said Arun Leslie John, Chief Market Analyst at Century Financial. "Traders in the UAE gold markets can still import gold from Switzerland without facing any of the tariffs."
On the sudden spike in bullion prices, John said: "Traders in New York who deal in 1-kilo bars are placing aggressive bets to get delivery of gold. This is leading to price increases as the tariffs would increase the physical delivery of gold into the US."

Why Switzerland is affected by this

Switzerland is one of the centers of the global trade in gold, processing around 70% of the world’s unrefined gold each year.

"The country serves as a critical node in global gold supply chains," said John. "Major refiners like Valcambi, PAMP, and Metalor are based in Switzerland, supplying bullion to banks, ETFs, and central banks worldwide."

Until now, gold hadn't come in the direct line of fire of Trump's tariffs. But a lot changed after Switzerland was landed with 39% tariffs, even though the country is scrambling to have it slashed.

"Over the past year, it shipped $61.5 billion worth of gold across the Atlantic," said Stephen Innes, Managing Partner at SPI Asset Management.

"With this ruling, nearly two-fifths of that now sails into the US under a tariff umbrella. The market isn’t just digesting another trade war headline - it’s bracing for structural upheaval in bullion logistics."

What can UAE gold shoppers do?

Nothing much.

Since April, gold prices has consistently been trading at $3,300 plus levels, and occasionally going through $3,400.

If the current trend continues, expect the Dubai gold price to push past Dh380. (The highest ever for 22K has been Dh383.75 a gram.)

"The best hope would be Switzerland and US strike a trade deal and everything goes back to normal," said a Dubai-based gold retailer.

Source:

Gulf News

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