Weekly Markets Monitor: Gold in the crosshairs
11 August, 2025
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Highlights
- Last week saw new tariffs announced and higher tariffs take effect. Central banks in the UK and India made cautious, diverging policy moves. US economic data showed signs of weakness, while strong corporate earnings lifted investor sentiment.
- Major global equities rose, driven by strong corporate earnings in the US, Europe, and Japan, while Chinese markets gained on solid trade data. US Treasury yields climbed, the dollar softened, and oil edged lower.
- Gold above the US$3,351/oz high would be seen to mark the completion of a “triangle” continuation pattern for a resumption of the core uptrend (p6 & appendix).
- Last week, the spread between COMEX gold futures and London spot hit a record high. This surge followed new US tariffs (39%) on Swiss exports without clear exemptions for gold bars (1kg and 100oz) – Switzerland is the largest gold refining hub globally. But the surging spread may shrink as the White House plans to clarify the tariff rules for Swiss gold bars.
Chart of the week - Gold future’s spread rockets
*Based on the weekly average COMEX General 1st gold contract and the LBMA Gold Price PM. As of 8 August 2025.
Source: ICE Benchmark Administration, World Gold Council
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