The global gold market has been thrown into fresh turmoil after a US government agency indicated that bullion would not be exempt from tariffs.

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, per the Financial Times, which cited a July 31 ruling letter seen by reporters.

Gold futures on Comex were up 0.1% at $3,456.80 an ounce Friday afternoon, retreating from a record high at $3,534.20 an ounce set after a ruling by the U.S. Customs and