Switzerland is continuing discussions with the United States about reducing potentially crippling import duties, its government said on Friday, as the country's gold industry warned exports of gold bars to the U.

U.S. gold futures hit a record high amid uncertainty over Trump administration's tariffs on commonly traded gold bars, prompting market volatility and supply chain concerns.

US tariffs on gold bars have caused US futures on the metal to jump higher versus the spot price set in London. The move may end up enhancing the importance of the US in the global bullion market. An unexpected levy on one-kilogram and 100-ounce gold bars coming into the US has caused upset in the precious metals market.