Gold prices soared to record highs after Donald Trump slapped tariffs on bars of the precious metal. In a shock move that blindsided the bullion market, US officials ruled that one kilo and 100 ounce bars should be subject to import duties. US gold futures hit a record of 3.535 per troy ounce in Friday trading after an FT report revealed the plans.

Many were baffled when Donald Trump slapped a steep 39% tariff on imports from Switzerland. The Swiss aren't known for flooding the US with cheap goods, but their outsize role in gold refining is distorting trade data.

Gold’s latest rally follows a Financial Times report on Thursday indicating Customs and Border Protection would hit one-kilo and 100-ounce gold bars with President Donald Trump’s tariffs, citing a ruling letter by the agency dated July 31.