Gold futures jump to record high after US tariffs on cast bars

Imposition of 39% import rate described as another blow' to Switzerland's world-leading refining industry

The price of gold futures have 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.

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.