Gold climbed to a fresh record high on Friday following a report that the U.S. slapped tariffs on imports of one-kilo gold bars, a move that threatens to disrupt the global bullion market.

In midday trade, futures rose 1.1% to $3,490.80 a troy ounce after reaching a peak of $3,534.20 earlier in the session.

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The tariffs on one-kilo gold bars—the most common form traded on Comex—deal a fresh blow to top refining hub Switzerland, the Financial Times reported, citing a letter from U.S. Customs and Border Protection.

CBP didn’t immediately respond to a request for comment sent outside of U.S. business hours.

Gold’s rally is also driven by concerns over the global economic outlook after President Trump’s new tariffs came into effect Thursday and weak U.S. data spurred bets that the Federal Reserve will soon cut interest rates.

According to the CME Group’s FedWatch tool, traders currently see a 89.4% probability that the Fed will cut its benchmark interest rate by 25 basis points in September.

Meanwhile, Trump nominated Stephen Miran to fill a vacancy on the Fed’s Board of Governors on a short-term basis. “Miran is the architect of Trump’s tariff policy, with the market viewing the appointment as a tilt to a more dovish monetary policy,” analysts at ANZ said.

Write to Giulia Petroni at giulia.petroni@wsj.com

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