03:04 PM EDT, 08/08/2025 (MT Newswires) -- US gold futures reached an all-time high Friday amid speculation that the yellow metal's imports may be subject to tariffs, though bullion gave up most of its gains as news emerged that gold bars would remain exempted from levies.

December gold futures rose 0.2% at $3,460.70 per ounce in Friday afternoon trade, erasing gains from earlier in the day that propelled the metal to a record $3,534.10. Spot gold most recently fell 0.1% at $3,394.30 per ounce.

Media reports showed, citing a July 31 letter by the US Customs and Border Protection, or CBP, that one-kilogram and 100-ounce gold bars are subject to import tariffs. Bloomberg News and Reuters later reported that the White House plans to issue a policy clarifying that gold bars would not be subject to tariffs.

The market had assumed that gold bars would be exempt from US President Donald Trump's reciprocal tariffs, like a 39% duty on Swiss goods, Bloomberg News previously reported.

The Swiss Precious Metals Association said Friday that the CBP's letter doesn't apply exclusively to Switzerland but to all 1-kg and 100-ounce gold cast bars imported into the US from any country.

"We are particularly concerned about the implications of the tariffs for the gold industry and the physical exchange of gold with the US, a long-standing and historical partner for Switzerland," the association's president, Christoph Wild, said in a statement.

The CBP didn't respond to MT Newswires' request for comment.

One-kg gold bars are the most common form traded and accepted into vaults monitored by the COMEX exchange, Saxo Bank said in a report published Friday. Switzerland is often used as the refining hub between the London gold market, which generally trades in 400-ounce bars, and the smaller sizes mostly traded in the US market, according to the report.

Trump's sweeping new tariffs on imports from several trading partners went into effect Thursday as the US leader's deadline for countries to strike deals expired.