The global gold market has been thrown into fresh turmoil after a US government agency indicated that bullion would not be exempt from tariffs.

The price of gold soared to a new high on Friday after a report said that the U.S. had imposed tariffs on one-kilogram bars of bullion. Gold futures jumped to an intraday high of over $3,500 per Troy ounce on Friday.

Gold futures on Comex were up 0.1% at $3,456.80 an ounce Friday afternoon, retreating from a record high at $3,534.20 an ounce set after a ruling by the U.S. Customs and