Gold Futures Soar to Record Highs: What the Tariff Shock Means for Investors and Business Owners
Gold futures reached a record intraday high on Friday following reports of an unexpected tariff imposed on the precious metal, while global stock markets ended the week with mixed results.
Wall Street enjoyed a strong session, led by the tech-heavy Nasdaq Composite Index, which notched a second consecutive record close. The positive momentum in New York was driven by optimism surrounding artificial intelligence and reduced uncertainties about trade policies.
Investors are increasingly confident that President Donald Trump’s frequently changing trade policies will not hinder the growing investment in artificial intelligence. Angelo Kourkafas, senior global investment strategist at Edward Jones, noted, “Part of the relief was that the tariffs on a very important sector around the US outlook on earnings, which is tech and AI, is mostly left unaffected.” Apple, which recently committed to increased US investment during a White House meeting, gained 4.2 percent, marking its third consecutive notable rise.
Gold futures surged to a record intraday peak of $3,534.10 per ounce after the Financial Times reported that the US government has classified one-kilo gold bars—the most actively traded type of bullion on Comex, the world’s largest futures market—as subject to “reciprocal” tariff rates. These one-kilo bars constitute the largest portion of Switzerland’s gold exports to the United States, which will now face a 39-percent reciprocal tariff starting Thursday. The Financial Times also reported that 100-ounce gold bars will be subject to the same tariff.
The announcement triggered “shock and confusion” in the markets, according to Han Tan, chief market analyst at Nemo.money trading group. Following the initial surge, gold futures retreated to approximately $3,454 per ounce.
A White House official told AFP that the Trump administration plans to “issue an executive order soon clarifying misinformation about the tariffing of gold bars and other specialty products.”
Special Analysis by Omanet | Navigate Oman’s Market
The recent imposition of a 39% reciprocal tariff on Swiss gold imports to the US signals heightened volatility in global gold markets, which could ripple into Oman’s precious metals sector. For Omani businesses and investors, this creates both risks of price fluctuations and opportunities to capitalize on shifting supply chains. Smart entrepreneurs should now consider diversifying procurement sources and exploring alternative investment avenues in precious metals and technology sectors unaffected by trade tensions.
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