Gold futures prices in New York soared to record levels on Friday after President Trump imposed tariffs on gold bars from Switzerland. The Financial Times reported the levies, causing gold mining stocks to rise. However, futures prices later dropped when news broke that no duties would be imposed on gold bars from Switzerland.

The U.S. Customs and Border Protection service issued a letter ruling stating that tariffs on Swiss gold bars were effective as of April 5. Gold futures briefly hit $3,500 per troy ounce, trading at a premium over benchmark spot prices in London. The Trump administration plans to clarify that no duties will be imposed on Swiss gold bars.

Gold mining stocks, including Freeport-McMoRan, Royal Gold, and US Gold Corp, closed higher on Friday. Trump initially announced tariffs of 31% in April, raising it to 39% last week. Swiss President Keller-Sutter left Washington without a deal. One-kilo bars are the most commonly traded size on COMEX.

If tariffs are imposed on Swiss gold, the country would face challenges as it is one of the top importers of precious metals and coins to the U.S. according to Trading Economics. Switzerland’s second-highest imports to the U.S. are pearls, precious stones, metals, and coins.

Read more at Yahoo Finance: Tariff Uncertainty on Gold Bars Sparks Chaos in Bullion Market