A Trump administration ruling that gold bars will be subject to tariffs stunned traders who had assumed they would be exempted, throwing bullion markets into turmoil.

Gold futures hit another record on Friday, reinforcing its safe-haven appeal at a time of market uncertainty over US President Donald Trump's sweeping tariffs and his surprise move to tax bullion.

A Trump administration ruling that gold bars will be subject to tariffs entering the US stunned traders who had assumed they would be exempted, throwing bullion markets into turmoil.