A ruling from the U.S. Customs and Border Protection agency surprised gold markets on Friday, sending prices higher.

One analyst said the Trump administration tacking on new tariffs was “precisely what the market feared.”

A ruling from the U.S. Customs and Border Protection agency surprised gold markets on Friday, sending prices higher.

The price of U.S. gold futures spiked Friday, a day after Switzerland was hit with 39% American tariffs on its goods, including 1-kilogram gold bullion bars.