Gold futures for December delivery scaled a fresh record high of $3,534.10/oz. on Friday, following media reports that the United States had imposed tariffs on imports of 1-kilo gold bars.
A report by the Financial Times, which cited a letter from Customs and Border Protection, stated that 1-kg and 100-ounce gold bars should be classified under a customs code subject to higher tariffs.
Such an outcome could have an impact on Switzerland, the largest gold refining hub worldwide.
The Trump administration’s higher tariffs on imports from dozens of countries came into effect on Thursday. This left major US trade partners, including Switzerland, hastily looking for a better deal.
Meanwhile, Spot Gold remained supported by rising expectations of a Fed rate cut next month.
US job growth slowed sharply in July, while the services sector nearly stagnated, which raised concerns over the US economic outlook.
Markets are now pricing in a 91% chance of a 25 basis point Fed rate cut in September.
Spot Gold was last little changed on the day to trade at $3,395.79 per troy ounce.
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