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.

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.