In currency markets this week, the US Dollar Index fell 0.91% to 98.24, weighed down by soft labor data, renewed trade tensions, and shifting Fed expectations. While a weaker dollar typically lifts other currencies, the Swiss franc slipped 0.45% after Washington imposed a 39% tariff on Swiss imports—including one-kilo gold bars, Switzerland’s key bullion export. The move risks straining Switzerland’s trade balance which pressured the franc, while also driving up gold prices. Meanwhile, oil prices declined amid growing concerns over the economic fallout from escalating tariffs and hopes for a diplomatic resolution to the war in Ukraine.
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Gold Rises as Bullion Tariffs Hit Swiss Supply; Dollar Weakens on Dovish Fed Signals