09:37 AM EDT, 08/08/2025 (MT Newswires) -- Gold moved sharply higher early on Friday on reports the United States said it is imposing tariffs on imports of gold bars.

Gold for December delivery was last seen up US$32.50 to US$3,486.20 per ounce, after overnight touching US$3,543.10, topping the July 22 record high of $3,501.80.

The rise comes as the Financial Times reported the United States will impose tariffs on imports of one-kilogram and 100-ounce gold bars, disrupting trade flows and pushing futures prices well ahead of spot prices.

"Gold futures on the COMEX exchange in New York soared overnight relative to the London spot price after an article in the Financial Times suggested the US would now - counter to expectations - apply tariffs on imports of 1 kg and 100 oz bars adding a fresh blow to Switzerland, the world's largest refining hub," Ole Hansen, head of commodity Strategy at Saxo Bank, wrote.

A falling dollar also supported gold, with the ICE dollar index was last seen down 0.2 points to 98.2. Treasury yields rose, with the U.S. two-year note was last seen paying 3.758%, up 2.2 basis points, while the yield on the 10-year note was up 1.3 points to 4.272%.