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.

The price of U.S. gold futures spiked Friday, a day after Switzerland was hit with 39% American tariffs on its goods, including 1-kilogram gold bullion bars.

Gold mining stocks closed higher Friday, while gold futures pared earlier gains on news of the Trump administration's plans to clarify that no levies would be imposed on gold.