A report that the U.S. is considering tariffs on gold bars sent futures prices surging on Friday. Analysts weigh in on what it means for investors and the industry.

U.S. gold futures climbed to a record high on Friday after a report that the United States had imposed tariffs on imports of 1-kg gold bars, while spot gold stayed on track for a second straight weekly gain on tariff turmoil and U.

Gold futures have soared to record highs after Donald Trump escalated his trade war with Switzerland by imposing fresh levies on gold bars. Prices hit an all-time high of $3,534 (£2,632) overnight and were trading up 1.2pc on Friday morning amid reports that the US president is set to slap import duties on 1kg gold bars.