U.S. gold futures hit a record high amid uncertainty over Trump administration's tariffs on commonly traded gold bars, prompting market volatility and supply chain concerns.

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%.