Bullion markets breathe sigh of relief after Trump says gold will not face tariffs

A summary of the most important gold news and analysis of the last week.

Gold price: $3,343.99 $XAUUSD ( 0.0% ) [View live gold price.]

Change from last week: -$50.31 (-1.48%)

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Gold news

• Bullion markets breathe sigh of relief after Trump says gold will not face tariffs [Reuters]

• Price of gold eases after Trump rules out tariffs on imported bars [The Guardian]

• Aggressive Fed rate cuts to drive gold back to record highs by year-end - ING’s Manthey [Kitco]

• Ultra wealthy are piling into a centuries-old gold trade in Asia (archive) [Bloomberg]

"In Asia’s ultra-wealthy circles, some family offices are now bypassing the middlemen and jumping into the gold business itself. They’re financing, shipping and flipping bullion like traders."

• The gold market is too important to be left to private clubs [Financial Times]

"The institutions underpinning the trading and storage of the precious metal remain opaque and under-regulated."

🔮 Gold price forecasts

• Gold to move higher into year end (archive) [Forbes]

• Bloomberg’s McGlone says gold still has a path to $4,000 even as prices unwind from tariff uncertainty [Kitco]

• ‘Global gold prices may double on weaker dollar’ [The Hindu

"International spot gold prices may touch $7,000 an ounce by 2030 in the event of a dollar devaluation, according to Anindya Banerjee, head of currency and commodities, Kotak Securities. This is twice the current price of about $3,400 an ounce."

• Gold price could double in 5-10 years as investors become skeptical of fiat currencies - Thorsten Polleit [Kitco]

 🌐 World gold news

 🇨🇦 Canada

• C$1.3M in gold up for grabs as Canada Treasure Hunt begins [Mining]

"There’s more than C$1.3 million (US$1M) in physical gold hidden somewhere in Canada, but rather than your grandfather’s pick axe and head lamp, only knowledge and wits are needed to find it."

🇨🇳 China

• China's central bank adds 2 tonnes of gold to reserves in July, but FX holdings fall $25 billion [Kitco]

🇬🇭 Ghana

• BoG’s gold reserves increase marginally to 34.40 tonnes in July [Citi Newsroom]

🇮🇳 India

• High prices dampen gold demand in India, but festive season may bring back the shine [CNA]

"India was the world’s largest consumer of gold jewellery last year, purchasing more than 560 tonnes."

🇸🇬 Singapore

🇨🇭 Switzerland

• Switzerland wants binding Trump commitment on gold tariffs, lobby group says [Reuters]

🇹🇷 Türkiye

• Türkiye channels 577 tons of ‘under-the-pillow’ gold into financial system: Finance Minister [Türkiye Today]

🇦🇪 United Arab Emirates

• All that glitters: Gold remains a safe haven for UAE investors despite record price [The National]

• The UAE is leading the fight for a cleaner gold market [Arabian Business]

"The UAE is working closely with the World Gold Council and other partners on several initiatives to strengthen the integrity of the gold market."

🇿🇼 Zimbabwe

• Zimbabwe labs overwhelmed as gold rally spurs exploration, miner says [Mining]

Gold-backed cryptocurrency

• HSBC’s tokenized gold is live for retail in Hong Kong: Institutional-scale RWA infrastructure highlighted; Hex trust cited as essential [Blockchain News]

• Tokenized gold – Is this the future of safe-haven investments? [AMBCrypto] 

Read more about gold-backed cryptocurrencies.

Gold Weekly features curated articles from various sources and is not financial advice. For advertising and news submission requests, contact us.