HSBC-Precious Metals Daily Gold fell on tariff exemption；CPI could stem decline-20250811

<p style="text-indent:28px"><span style="font-size: 14px;">Market focus, emerging trends</span></p><p style="text-indent:28px"><span style="font-size: 14px;">Gold gave back all of the gains accrued at the end of last week. Tariffs continued todominate the market psychology. The decline began towards the end of Friday whenthe White House said it will clarify “misinformation” about gold bars facing tariffs. Thiswas in response to comments on its website by the US Customs and BorderProtection that kilo and 100/oz bars are not excluded from tariffs. The perception thatfuture statements would clarify the position of tariffs officially excluding those barsfrom tariffs took hold in the market and prices fell when trading opened in Asia andextended to London Hours. The EFP contracted from USD120/oz on Friday toUSD60/oz by the time US trading opened. Chinese bank buying moderated losses.Silver and the PGMs followed gold lower, but at a lag.</span></p><p style="text-indent:28px"><span style="font-size: 14px;">Gold fell further in US trading hours. Prices slid lower, despite no officialannouncement forthcoming concerning tariffs on kilo or 100/oz bars coming until laterin trading. The sheer weight of the selling kept gold on the defensive with only mildparing of losses. Some market participants may have been sidelined ahead of the USCPI data scheduled to be released Tuesday. A jump in the USD combined withslightly higher yields added to gold’s slide. The USD gave back a portion of earlygains, but that did little to bolster gold. Silver remained under pressure. The PGMscut losses and palladium turned higher on physical demand.</span></p><p><br/></p>