COMEX gold rises above $3,610 per ounce, up 0.5% intraday.

COMEX gold rises above $3,610 per ounce, up 0.5% intraday.

On Tuesday, September 2, 2025, COMEX gold futures surged, closing above $3,610 per ounce, marking a 0.5% intraday increase. This rise comes amidst a backdrop of geopolitical tensions and central bank demand, which have driven gold prices to unprecedented levels.

The recent spike in gold prices can be attributed to several factors. First, the 2025 U.S. tariff regime under President Trump has created a paradoxical landscape for gold miners, boosting gold's safe-haven status while exposing the sector to regulatory risks. Initially, a surprise 39% tariff on Swiss gold bars in July 2025 disrupted $61.5 billion in annual gold flows, triggering a $100-per-ounce premium in U.S. Comex futures and halting shipments to the U.S. [1]. However, the situation was stabilized when Trump announced a full tariff exemption for gold imports on August 11, 2025, which underscores gold’s unique status as a geopolitical hedge [1].

Geopolitical tensions and central bank demand have also played a significant role in driving gold prices higher. As Trump’s 25–70% tariffs on major imports heightened global trade tensions, gold prices surged to $3,388 per ounce by August 2025, driven by institutional demand and central bank purchases [5]. BRICS nations, in particular, added 120 tons of gold in 2025, signaling a strategic shift toward de-dollarization while maintaining U.S. dollar dominance through tariff-free reserves [2].

The resilience of gold mining equities is another key factor contributing to the gold price increase. Gold mining equities have outperformed physical gold by 25% in 2025, reflecting their ability to capitalize on elevated prices and operational efficiencies. Barrick Gold (GOLD) and Newmont (NEM) exemplify this resilience: Barrick reported a record $0.47 adjusted EPS in Q2 2025, while Newmont generated $2.99 billion in EBITDA amid gold prices averaging $3,320 per ounce [2].

Analysts at J.P. Morgan forecast gold prices to reach $4,000 per ounce by mid-2026, driven by a weak dollar and structural demand from central banks [5]. This outlook suggests that gold's role as a safe-haven asset and its strategic value in a volatile macroeconomic landscape will continue to be a significant driver for prices.

For investors, a 5–10% allocation to gold ETFs and mining equities is recommended to hedge against trade war volatility and stagflation risks [5]. Gold miners with robust balance sheets and diversified production, such as Agnico Eagle (AEM), are particularly well-positioned.

In conclusion, the recent rise in COMEX gold prices to above $3,610 per ounce is a reflection of the sector's resilience in the face of regulatory risks and geopolitical tensions. As central bank demand and inflationary pressures continue to drive gold's appeal, investors should consider gold equities as a strategic hedge in an uncertain macroeconomic environment.

References:
[1] Trump Confirms Gold Will Be Exempt from Future Tariffs, https://discoveryalert.com.au/news/trump-gold-tariff-exemption-market-investment-2025/
[2] Gold Mining Giants: How Policy Shifts Are Reshaping Profits, https://discoveryalert.com.au/news/gold-mining-record-highs-profits-policy-2025/
[3] The Unintended Consequences of Trump's Gold Tariff on Global Bullion Markets, https://www.ainvest.com/news/unintended-consequences-trump-gold-tariff-global-bullion-markets-2508/
[4] SSR Mining: Betting On Gold With A Margin Of Safety, https://www.ainvest.com/news/ssr-mining-betting-gold-margin-safety-2508-93/
[5] Trump's Tariff Surge and Its Impact on Gold as a Safe-Haven Asset, https://www.ainvest.com/news/trump-tariff-surge-impact-gold-safe-haven-asset-2508/