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.

U.S. gold futures surged to a record high Friday following reports that the U.S. imposed new tariffs on imported 1 kg gold bars, according to Reuters. Spot gold held near $3,399.22 per ounce and is on pace for a second consecutive weekly gain of about 1%.

The price of U.S. gold futures spiked Friday, a day after Switzerland was hit with 39% American tariffs on its goods, including 1-kilogram gold bullion bars.