Gold Prices Back Away From Record High. White House Says It Will Clarify ‘Misinformation’ on Bullion Tariffs.

Gold surged to a record high on Friday after a report said that the U.S. had imposed tariffs on one-kilo bars of bullion. (Christopher Furlong/Getty Images)

The price of gold soared to a new high on Friday after a report said that the U.S. had imposed tariffs on one-kilogram bars of bullion.

Gold futures jumped to an intraday high of over $3,500 per Troy ounce on Friday. For the week, front-month gold futures gained 2.7% to $3,439.10 a troy ounce. They settled up 1.1% for the day. The previous settlement record came Thursday, when the contract closed at just under $3,454 an ounce.

This afternoon, the White House said that it would “clarify misinformation” on gold tariff orders with a new posting sometime in the near future. This announcement sent active gold futures lower, with the contract paring its earlier gains and being now up only 0.3%.

Created with Highcharts 9.0.1Gold pricesSource: FactSetNote: continuous gold futures contractAs of Aug. 8

Created with Highcharts 9.0.12025Aug.2,5002,6002,7002,8002,9003,0003,1003,2003,3003,4003,500$3,600 per Troy ounce

Per the Financial Times, which cited a July 31 ruling letter seen by reporters, the U.S. Customs and Border Protection agency said that one-kilo and 100-ounce gold bars would be classified under a new customs code that meant they would be subject to tariffs

The White House and Customs and Border Protection didn’t respond to a request for comment from Barron’s.

Gold has been on a stellar run this year, jumping 32% on the expectation that the U.S. economy could weaken. Investors are also betting that the Federal Reserve will cut interest rates soon.

Levies on the precious metal would be another blow for Switzerland, which is already reeling from the surprise 39% U.S. tariffs that took effect on Thursday. The Alpine nation is one of the world’s most important refining hubs.

Write to George Glover at george.glover@dowjones.com