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Gold hits $3470 on tariff tensions, Fed cut bets
07-Aug-2025, 02:53
Gold futures surged above $3470 per ounce on Thursday, hitting their highest level since June 16, as safe haven demand soared amid fresh US tariff threats and expectations of a Fed rate cut. MCX October bullion futures also climbed 0.5% to ₹101729 per 10 grams, tracking global gains. President Trump confirmed an additional 25% tariff on Indian imports and raised duties on select Brazilian goods to 50%, fueling market uncertainty. A weaker US dollar index, now below 98, added to the momentum as traders bet on a September rate cut, with another move likely in December. The latest jobless claims data is now awaited for further cues.
Gold futures surged above $3470 per ounce on Thursday, hitting their highest level since June 16, as safe haven demand soared amid fresh US tariff threats and expectations of a Fed rate cut. MCX October bullion futures also climbed 0.5% to ₹101729 per 10 grams, tracking global gains. President Trump confirmed an additional 25% tariff on Indian imports and raised duties on select Brazilian goods to 50%, fueling market uncertainty. A weaker US dollar index, now below 98, added to the momentum as traders bet on a September rate cut, with another move likely in December. The latest jobless claims data is now awaited for further cues.
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