Washington, United States (Enmaeya News) — Gold futures surged Friday to a record high following news that the United States has imposed tariffs on imports of one-kilogram gold bars.

Spot gold, which reached its highest level since July 23 earlier in the session, was down 0.2% at $3,389.37 per ounce by 1:04 a.m. GMT but remains on track to record a second consecutive week of gains. The precious metal has risen 0.8% so far this week amid market turbulence linked to tariffs and expectations of a U.S. interest rate cut.

U.S. gold futures for December delivery climbed 1.6% to $3,509.10, after hitting an all-time high of $3,534.10.

According to a July 31 letter from U.S. Customs and Border Protection cited by the Financial Times, one-kilogram gold bars — weighing about 100 ounces — must now be classified under a tariff code subject to duties. This move is expected to impact Switzerland, the world’s largest gold refining center.

The new tariffs, imposed by President Donald Trump on imports from dozens of countries, took effect Thursday. They have prompted key trade partners such as Switzerland, Brazil, and India to accelerate negotiations for improved trade agreements.

Gold traditionally serves as a safe haven during times of political and economic uncertainty.

Last week’s weak U.S. jobs data boosted expectations for a 25-basis-point interest rate cut next month. The market now prices in more than a 91% chance of such a cut, according to the CME Group’s FedWatch tool.

Among other precious metals, spot silver fell 0.3% to $38.19 per ounce, platinum rose 1.3% to $1,350.98, and palladium dropped 0.4% to $1,146.48.