Gold prices climbed in Asian trading on Friday, set to close the week with gains as escalating U.S. trade tariffs fueled uncertainty in the global economy. Market attention also turned to the potential impact of new U.S. tariffs on imports of one-kilogram gold bars, which could disrupt the physical bullion market and tighten available supplies.

Spot gold inched up 0.1% to $3,398.65 per ounce, while December futures on the COMEX surged 1% to $3,488.60 per ounce by 00:26 ET (04:26 GMT). For the week, spot gold was up roughly 0.8%, with futures poised to rise about 2.6%.

U.S. Imposes Tariffs on 1-Kilo Gold Bars, Financial Times Reports

According to a Thursday report from the Financial Times, the United States has introduced import tariffs on one-kilo gold bars, a move that could shake up the global bullion trade and negatively affect Switzerland.

The U.S. Customs and Border Protection (CBP) agency determined that one-kilogram and 100-ounce gold bars fall under a customs classification subject to duties, referencing a ruling dated July 31. This decision deviates from earlier expectations that gold bars would be exempt from the broad tariffs enacted under President Trump’s administration. One-kilo bars represent the most commonly traded size on the COMEX, the world’s largest gold futures market, with many of these bars originating from Switzerland.

These tariffs add further pressure on Switzerland, which already faces a 39% duty on exports to the U.S. The country is a leading global gold refiner and a major exporter of gold to the American market.

News of the tariffs contributed to a sharp rally in COMEX gold futures this week, which outperformed spot prices significantly.

This year, gold prices have surged to historic highs, driven by increased safe-haven demand amid rising global economic uncertainties largely tied to the trade tensions sparked by Trump’s tariff policies.

Meanwhile, other precious metals retreated on Friday as investors favored gold amid fears of supply disruptions. Spot platinum dipped 0.5% to $1,334.14 per ounce, and spot silver fell 0.2% to $38.2065 per ounce.

Among industrial metals, copper prices saw modest gains. London Metal Exchange copper futures rose 0.4% to $9,716.65 per ton, while COMEX copper futures edged up 0.2% to $4.4235 per pound.

COMEX copper initially rallied above $5 per pound following Trump’s announcement of 50% tariffs on copper imports. However, his subsequent exemption of refined copper from these tariffs triggered a notable pullback in U.S. copper prices.

Dollar Weakness Supports Metal Prices; Fed Leadership in Spotlight

The dollar’s recent weakness has bolstered metal prices this week, as investors increasingly price in a Federal Reserve interest rate cut in September.

This expectation follows a series of disappointing labor market data, indicating a steady slowdown in employment growth.

In related news, Bloomberg reported that Fed Governor Christopher Waller is emerging as President Trump’s preferred candidate to succeed Jerome Powell, whose term ends in mid-2026.

Waller was one of two Fed officials who voted for a rate reduction in July, aligning with Trump’s calls for more accommodative monetary policy.

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