Swiss Gold Imports from U.S. Soar to 12-Year High

Swiss gold imports from the U.S. jumped to a record 63 metric tons in April, marking the highest level since 2012, thanks to the exclusion of precious metals from U.S. import tariffs. Although Switzerland’s total gold exports fell by 31% month-on-month, deliveries to India and China increased slightly. Some gold was re-exported to the UK, signaling a reshuffling of bullion flows. The data suggests a significant shift in global gold trade patterns amid changing tariff and market dynamics.

Citi Sees Gold at $3,500 as Americans Boost Holdings

Citi has reaffirmed its short-term gold price target at $3,500 per ounce, citing rising tariffs and geopolitical risks as key drivers. The bank has raised its gold price estimate from $3,000–$3,300 to a range of $3,100–$3,500, even as it maintains a cautious long-term outlook. Citi predicts gold prices will consolidate and stabilize in the second half of 2025 as trade tensions ease and the Federal Reserve adjusts its policies. Meanwhile, short-term targets for palladium and platinum remain at $1,050 and $900 per ounce, respectively.

Trump’s Tariff Threats Could Drive Gold to New Highs

Gold prices climbed to new highs following President Trump’s threats to impose hefty tariffs on the EU and Apple, fueling investor demand for the precious metal. Gold futures settled at $3,363.60 per ounce, up 2.2%, with analysts noting global spending on gold has hit a 50-year peak. Miners are seeing record-high profit margins, and central banks continue to stockpile gold amid fears of U.S. sanctions. Citi predicts that while demand will remain robust into Q3, caution is warranted for gold prices later in the year.

Dollar Strengthens as U.S. Tariff Delay and Japan’s Yield Drop Hit Yen

The U.S. dollar strengthened against several major currencies, especially the Japanese yen, as long-dated Japanese bond yields fell sharply following reports that Japan’s Ministry of Finance may reduce super-long bond issuance. Meanwhile, investors were reassured by President Trump’s decision to delay higher tariffs on the European Union, which had initially boosted the euro. Market attention remains on debates over Trump’s tax-cut bill, which could further increase U.S. debt and affect global confidence in U.S. assets.

Study Reveals 1 in 4 Americans Struggle with “Functional Unemployment”

While the U.S. unemployment rate remains low at 4.2%, a deeper analysis from the Ludwig Institute for Shared Economic Prosperity (LISEP) reveals a more troubling picture. Their “True Rate of Unemployment” (TRU) shows that about 24.3% of Americans are “functionally unemployed,” which includes not only those officially unemployed but also people stuck in low-paying jobs or part-time roles without a living wage. Millions of Americans are living in “survival mode,” unable to afford even basic necessities, which exposes the gap between traditional unemployment figures and the true health of the U.S. labor market.

China’s Job Market at Risk as US Trade Talks Resume

China’s labor market is feeling the heat from renewed trade tensions with the US, as the country battles a housing slump, high youth unemployment, and slower economic growth. With a potential loss of up to nine million manufacturing jobs if tariffs are maintained, the stakes are higher than during Trump’s first term. If US tariffs persist or intensify, analysts warn that up to nine million factory jobs could be lost, far more than in the last trade war. Meanwhile, China’s counter-tariffs are already affecting domestic employment, while the US faces risks of inflation and product shortages.

Harmony Gold Buys Mac Copper for $1 Billion to Expand into Copper

Harmony Gold, South Africa’s leading gold producer, has announced a $1.03 billion cash deal to acquire Australia’s Mac Copper Ltd. This acquisition, offering a 20.7% premium to Mac Copper’s share price, gives Harmony control of the producing CSA Copper mine in New South Wales, which generated 41,000 tons of copper last year. Funded through cash reserves and a loan, the deal expands Harmony’s footprint in copper, a move aimed at diversifying operations amid rising costs in South Africa. Harmony’s shares dipped 6.3% following the announcement.

Markets Rally on Hopes for U.S.-EU Trade Deal

U.S. stocks rebounded after a four-day decline, boosted by optimism surrounding U.S.-EU trade talks and a global rally in bonds. The S&P 500 rose 1.2% as investors were reassured by President Trump’s extension of the EU tariff deadline to July 9, increasing hopes for a trade deal. Meanwhile, Japanese authorities signaled adjustments to calm debt markets, helping push global bond yields lower. Nvidia and other tech giants led gains, with the dollar strengthening against major currencies.

Gold Retreats as Trump Reinstates EU Trade Talks Deadline

Gold prices continued to fall for the second day, dropping over 1%, as the US dollar rebounded and President Trump’s softened trade stance with the EU reduced demand for gold. The dollar’s 0.3% gain made gold more costly for non-US buyers. Traders are now focusing on upcoming US inflation data and the Federal Reserve’s next moves, with rate cuts expected later this year. Despite the decline, analysts believe gold’s long-term support remains intact amid market uncertainties.

Gold Dips as Dollar Strengthens on Japan’s Debt Strategy

Gold fell as much as 1.4% amid a stronger US dollar and easing demand for safe-haven assets. The dollar gained strength on news that Japan might adjust debt levels, which also pushed global bond yields higher. Investors are watching for signals of progress in US-EU trade talks and upcoming US inflation data. Despite the recent decline, gold has seen a significant year-to-date gain of over 25%, with short-term price forecasts suggesting a rebound towards $3,500 per ounce.