Core Viewpoint - US gold futures reached a record high amid uncertainty regarding potential country-specific import tariffs on commonly traded gold bars, which could significantly impact global supply chains for gold [1][5]. Group 1: Market Reaction - December US gold futures increased by 1.2% to $3,494.10 per ounce after hitting a record of $3,534.10 earlier in the session [2][7]. - The spread between US gold futures and spot prices widened to $100, with spot gold dipping 0.1% to $3,394.26 per ounce but up 0.9% for the week [3]. Group 2: Implications of Tariffs - Analysts are awaiting further clarity on the potential US tariffs on gold deliveries, which could significantly affect Switzerland, the leading hub for gold refining and transit [4]. - The Swiss Precious Metals Association expressed concerns about the tariffs' implications for the gold industry and is in active discussions with stakeholders [6]. - Long-term effects of the new tariffs may benefit US refiners by transforming large 400-oz bars into retail units [6].

Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, maintains its holdings at 935.65 tons as of June 5, 2025, amidst fluctuating gold prices influenced by market sentiment and economic data [2][7]. Group 1: Gold ETF Holdings - As of June 5, 2025, SPDR Gold Trust's total holdings remain unchanged at 935.65 tons of gold [2][7]. - The gold price experienced volatility, peaking above $3400 per ounce before closing at $3352.65, down $19.39 or 0.58% [7]. Group 2: Market Influences - Poor economic data from the U.S., including higher-than-expected initial jobless claims, has increased expectations for a Federal Reserve rate cut, contributing to gold price fluctuations [7]. - Metals Focus predicts that global central banks will purchase 1000 tons of gold in 2025, marking the fourth consecutive year of significant gold buying [7]. Group 3: Technical Analysis - Technical indicators suggest a bullish trend for gold, with resistance levels at $3400, $3438, and $3450, while short-term support is at $3300 [9]. - The gold market shows a strong momentum, with the relative strength index (RSI) around 57, indicating a prevailing bullish sentiment [8]. Group 4: Silver Market Dynamics - Silver has shown stronger recent performance, reaching its highest level since February 2012, with a current gold-silver ratio of 94, down from 105 in April [8]. - Analysts warn of potential volatility in the silver market, predicting possible sharp movements in either direction [8].

Group 1 - Silver prices in New York increased by 4%, reaching $36.05 per ounce [1] - Spot silver rose nearly 4%, currently priced at $35.78 per ounce [1] - Spot gold saw an increase of 0.8%, now at $3400.16 per ounce [1]