Gold surges to record high on report Trump has imposed tariffs on bars

(Sharecast News) - Gold futures hit a record high on Friday after US President Donald Trump reportedly imposed tariffs on imports of one-kilo gold bars in the latest salvo of his trade war with major commodities hub Switzerland. The Financial Times newspaper reported it had seen a letter from the Customs Border Protection agency stating one-kilogram and 100 ounce gold bars should be classified under a customs code subject to higher tariffs.

US gold futures rose 0.72% at $3,478.30, after hitting an all-time high of $3,534.10. One-kilo bars make up most of Switzerland's bullion exports to the US.

Trump earlier this week slammed Switzerland with a 39% tariff on exports in a shock move with no real explanation for his decision.

Reporting by Frank Prenesti for Sharecast.com