The Financial Post reports in its Tuesday edition that gold futures reached a record high of $3,534.10 per ounce on Friday amid news of potential U.S. tariffs on certain gold bars. The Post's Naimul Karim writes that prices, however, fell later when the White House announced a clarification regarding "misinformation" about the bullion tariff. Gold prices surged on Thursday following a letter from the U.S. Customs and Border Protection Agency, indicating levies may be imposed on one kilo and 100-ounce gold bars due to "reciprocal tariffs" announced by President Trump in the spring. The July 31 letter was a response to a request from a U.S. firm seeking clarification on tariff classification for Swiss gold bars. Gold futures rose to a record high on Friday morning, before cooling down a bit in the afternoon. The gold price was under $3,400 Monday morning. Speculation about the tariff abounded. Some insiders believed it reflected the Trump administration's strategy of imposing tariffs for control, while others suggested it aimed to pressure Switzerland into a deal. Later in the afternoon Monday, the Trump administration said it would issue a new policy that would state that the imports of gold bars should not face tariffs.