Gold futures jumped to a fresh high on Friday following a report that the United States has imposed tariffs on imports of one-kilo gold bars, while spot gold was headed for a second straight weekly rise on tariff turmoil and U.S. interest rate-cut hopes.

Spot gold was down 0.2% at $3,389.37 per ounce, as of 0104 GMT, after hitting its highest since July 23 earlier in the session. Bullion is up 0.8% so far this week.

U.S. gold futures for December delivery were up 1.6% at $3,509.10, after hitting an all-time high of $3,534.10.

The United States has imposed tariffs on imports of one-kilo gold bars, the Financial Times reported on Thursday, citing a letter from Customs Border Protection.

The letter, dated July 31, said one-kilo and 100-ounce gold bars should be classified under a customs code subject to levels, according to the newspaper, which added that the move could impact Switzerland, the world’s largest refining hub.

U.S. President Donald Trump’s higher tariffs on imports from dozens of countries kicked in on Thursday, leaving major trade partners such as Switzerland, Brazil and India hurriedly searching for a better deal.

Gold is often used as a safe store of value during times of political and financial uncertainty.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.66% to 959.09 metric tons on Thursday from 952.79 tons on Wednesday.

Last week, weaker U.S. payrolls data boosted rate-cut bets, with the market now pricing in an over 91% chance of a 25-basis-point reduction next month, as per CME Group’s FedWatch Tool.

Risks to the job market have increased, but it remains too soon to commit to rate cuts before the next meeting of the Federal Reserve, with key data still to come and inflation still expected to rise in coming months, Atlanta Fed President Raphael Bostic said.

Elsewhere, spot silver fell 0.3% to $38.19 per ounce, platinum rose 1.3% to $1,350.98 and palladium eased 0.4% to $1,146.48.