The U.S. Customs and Border Protection agency has clarified that the gold bars face tariffs and are not exempted as the industry had initially understood. Photo by Stefan Wermuth/Bloomberg

A U.S. move to put tariffs on imports of one-kilogram and 100-ounce gold bars is unleashing fresh turmoil in the global bullion market and threatening to upend trade flows from Switzerland and other key refining hubs.

The U.S. Customs and Border Protection agency has clarified that the gold bars face tariffs and are not exempted as the industry had initially understood, according to people familiar with the matter, who asked not to be identified. The decision was first reported by the Financial Times.

Gold futures in New York surged to a record high, as traders, analysts and executives across t

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