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Gold prices have surged back near record highs, reaching $3,418.14 per troy ounce on Thursday, just shy of the all-time high of $3,448.50 set in June. The precious metal has gained over 3% since hitting a one-month low last week, driven by weaker-than-expected U.S. employment data that showed employers hired fewer workers in July and unemployment rose to 4.2%. The disappointing jobs report has increased expectations that the Federal Reserve will cut interest rates in September, which typically boosts gold demand since the metal doesn’t offer regular yield payments. Gold has risen 30% year-to-date as investors seek safety amid economic

President Trump announced Thursday that he will nominate Stephen Miran, his Council of Economic Advisers Chairman, to temporarily fill a Federal Reserve Board vacancy through January 31, 2026. Miran would replace Biden appointee Adriana Kugler, who is stepping down six months early to return to Georgetown University. This marks Trump’s first opportunity to shape the Fed since returning to office, as he continues to pressure the central bank for lower interest rates. The appointment requires Senate confirmation, which may not occur before the Fed’s September meeting, and Trump indicated he will continue searching for a permanent replacement.

The US has unexpectedly imposed tariffs on gold bar imports, causing major disruption in the global gold market. The US Customs and Border Protection clarified that one-kilogram and 100-ounce gold bars are subject to President Trump’s reciprocal tariffs, contrary to what the industry initially believed. This has caused gold futures in New York to surge to record highs, while creating significant price gaps between US and international markets. Major gold refineries in Asia are pausing US shipments, and the ruling threatens to disrupt global gold trade flows from key hubs like Switzerland, Hong Kong, and London.

Treasury yields rose again as Wall Street rethinks how strong the U.S. economy really is—and what the Fed might do next. With interest rate cuts looking less likely in the near term, uncertainty remains high. For gold investors, higher yields often create headwinds—but persistent inflation and market volatility continue to support long-term demand for precious metals as a hedge.

The Trump campaign is reportedly considering new measures to limit India’s purchases of Russian oil, according to Bloomberg. While the aim is to pressure Moscow financially, experts warn that such a move could strain U.S.-India relations and drive up global oil prices. Rising energy costs could further stoke inflation—potentially increasing investor interest in safe-haven assets like gold.