Gold futures hit new record high after tariffs imposed

Gold futures hit a new record high during trading today, following a report indicating the imposition of US tariffs on one-kilogram gold bullion imports.

Spot gold prices declined slightly but remained on track for a second consecutive weekly gain, supported by turmoil stemming from tariffs and increasing optimism about a Federal Reserve interest rate cut.

Spot gold fell about 0.05% to $3,395.27 per ounce by 0831 GMT, after hitting its highest level since July 23 earlier in the day.

December gold futures rose about 1.5% to $3,505, after hitting an all-time high of $3,534.10.