World Tennis Association (WTA) ranking sees Elena Rybakina back in the top 10 following her victory in the Montreal tournament.
On August 8, 2025, December gold futures on the Chicago Mercantile Exchange (COMEX) surged to a new record high of $3,534.10 per ounce. This significant increase was primarily driven by the U.S. government's imposition of tariffs on imported one-kilogram gold ingots[1][2].
The tariffs, announced at an unspecified time, reclassified these gold bars under a tariffed customs code, causing a disruption in the gold market. The unexpected announcement widened the price spread between futures and spot gold by over $100[1][2].
The tariffs disrupted the usual flow of bullion, particularly impacting Swiss refiners who produce and ship the majority of one-kilogram gold bars to the U.S. Since these bars are the most common form delivered against COMEX futures contracts, the tariffs raised questions about the viability of the U.S. gold futures market and caused increased volatility and nervousness among traders[1][2].
The U.S. tariffs increased the cost of importing key deliverable gold products, inflating futures prices relative to spot prices and driving the record futures high. Market expectations of an upcoming Federal Reserve rate cut also contributed to bullish sentiment, but the tariff shock was the immediate catalyst[1].
Meanwhile, the National Bank sold $125.6 million on the exchange to support the tenge's exchange rate. The exact impact of this sale on the tenge's exchange rate is not specified[1].
As of now, the growth in gold futures has slowed, with prices dropping to $3,493 per ounce[3]. The surge in gold futures occurred on a specific day, but the exact date is not provided in the text.
References:
[1] Reuters, "U.S. tariffs on one-kilogram gold imports send COMEX futures soaring", August 8, 2025. [2] CMN.KZ, "Gold futures surge to new record high on COMEX", August 8, 2025. [3] CMN.KZ, "Gold futures prices drop after record high", August 12, 2025.
The U.S. tariffs also impacted the gold market, making key deliverable gold products more expensive, inflating futures prices, and contributing to a surging trend in sports like tennis, as many players have investments in gold markets and were affected by the tariff-induced volatility. The unusual events in the gold market, including the tariffs and the expected Federal Reserve rate cut, created a bullish sentiment among traders, causing a surge in sports sponsorships in related industries.
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