U.S. gold futures surged to an all-time high of $3,534.10 an ounce on Friday after the Financial Times reported that the Trump administration had quietly placed import tariffs on one-kilogram and 100-ounce gold bars. The newspaper cited a July 31 U.S. Customs and Border Protection letter reclassifying the bars under a category subject to higher duties. The benchmark December contract later traded at $3,489.40, up about 1% on the day, while spot prices were little changed near $3,399. The premium of New York futures over spot bullion ballooned to more than $100, the widest gap since pandemic-era logistics snarls in 2020. Analysts warned that the levy—part of a broader round of Trump tariffs that took effect on Thursday—could reroute global bullion flows and raise physical premiums. “The tariff will definitely disrupt gold trade and Switzerland will bear the brunt of it,” said Zain Vawda, analyst at MarketPulse by OANDA. Bob Haberkorn, senior market strategist at RJO Futures, said the 39% duty may fuel “elevated safe-haven demand” and higher consumer prices until Washington clarifies its policy. The surge in bullion comes as traders already anticipate a Federal Reserve rate cut next month, adding further support to the metal.