Gold futures jumped to a record high above $3,500 last week after dealers were blindsided by a report that U.S. Customs and Border Protection said that 1-kilo and 100-ounce gold bars should be classified under a customs code that subjects them to tariffs.

Gold futures in New York steadied as traders awaited clarification from the White House over its tariff policy, after a US government agency stunned the market last week by formally ruling that 100-ounce and one-kilogram bullion bars would be subject to duties.