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Below the Quote on Gold and Crude 11th Aug 2025 by Kaynat Chainwala, AVP - Commodity Research, Kotak Securities

COMEX gold prices surged to a record high of $3,534/oz on Friday following reports that the US imposed tariffs on imports of one-kilo gold bars, the most commonly traded form on COMEX. However, gold futures closed below $3,500/oz as the White House later in the session announced plans to issue an executive order clarifying its position on precious metals and tariffs. Still, gold closed last week with a 2% gain, supported by signs of economic weakness in the US, dovish remarks from several Federal Reserve officials, and growing expectations of interest rate cuts. Today, COMEX gold slipped more than 1% to $3,431/oz, largely erasing last week’s gains as markets await clarification after the Trump administration on Friday called reports of tariffs on gold and other specialty products “misinformation.”

WTI crude slipped below $63/bbl on Friday, closing the week with 5% decline, amid expectations that the potential meeting between Presidents Trump and Putin to discuss a Ukraine ceasefire could lead to eased sanctions on Russian oil flows. Rising OPEC+ output and softening demand prospects as US tariffs took effect are stoking concerns about global oversupply. Oil prices may remain pressured ahead of the August 15 Trump-Putin meeting, as a possible easing of Russian sanctions could deepen the supply glut forecast for later this year. Meanwhile, oil market participants are keenly awaiting the OPEC monthly market report, the EIA Short-Term Energy Outlook, and the IEA monthly report due later this week for clues on market balance.