Gold Futures Hit Record High as U.S. Import Tariff Sparks Turmoil

Gold climbed to a fresh record high on Friday after a U.S. government agency clarified that import tariffs would apply to one-kilo gold bars, sparking turmoil in the global bullion market.

In afternoon trade in Europe, futures rose 1% to $3,488.90 a troy ounce after reaching a peak of $3,534.20 earlier in the session. Prices are on track for a weekly gain of 2.4%.

Gold bars from Switzerland, the world’s largest gold refining hub, previously entered the U.S. duty free. But in a July 31 ruling in response to a Swiss refinery’s subsidiary, the U.S. Customs and Border Protection said that gold bars would now be subject to President Trump’s reciprocal tariffs, which were 10% on Switzerland at the time. Those tariffs have now surged to 39% as of Thursday.