Price of gold up as Swiss sales to US are hit by tax

The price of gold futures has soared to a record high after it emerged that the US would put tariffs on imports of 1kg bars in a further trade blow to Switzerland, which dominates the world's refining industry.

- Lisa O'Carroll

Swiss exports to the US were hit by a crippling 39% tariff on Thursday after the country's president returned empty-handed from a last-minute dash to Washington in an attempt to get the rate, among the highest imposed by Donald Trump, lowered.

It later emerged that US customs had decided certain imports of gold bars that had been in a tariff-exempt category should also be covered by the 39% rate.