08/08/2025
Stock Market Today: Gold Hits New High; Dow Rises
Gold market rattled by unexpected news that U.S. tariffs will apply to gold bars
Last Updated:
Aug. 8, 2025 at 11:16 AM ET
* Gold futures are on track to eclipse their inflation-adjusted record set 45 years ago after it emerged the U.S. had imposed levies on Swiss gold bars.
The move is a fresh blow for Switzerland, a major refining hub, which this week failed to avert broader 39% levies on exports to the U.S.
Gold prices have risen for five of the past six days, boosted in part by hopes the Federal Reserve will soon cut interest rates in response to weakening economic data. Futures prices in New York neared $3,500 a troy ounce Friday.
U.S stocks were on track for gains at the end of a week heavy on tariff updates. Stocks edged higher early Friday. The Dow industrials are currently up more than 1% for the week. The Nasdaq Composite, which hit a record high on Thursday, has gained more than 3%.
Late Thursday, President Trump chose economic adviser Stephen Miran to fill a vacancy on the Federal Reserve’s board of governors until January.
Miran will replace Adriana Kugler, who is expected to depart Friday.
In recent trading:
Stocks crept higher, with all three major indexes in the green.
Intel shares wavered after Thursday's steep loss.
The chipmaker said CEO Lip-Bu Tan had the board's support, after Trump called for his resignation.
Treasury prices inched lower, pushing up yields. The 10-year yield rose to around 4.28%.
Oil prices are on track for their third weekly loss in the past four weeks. Traders are weighing the impact of OPEC+ supply bumps against potential U.S. sanctions that could take Russian crude off the global market.
The dollar strengthened against the euro, the Swiss franc and the yen.
Trump’s tariffs continue to affect global markets. Follow along for live updates on the Dow, S&P 500 and Nasdaq.