As Legion600 suggested, you probably have steel studs as furring strips. You need to be sure you are not hitting protection plates installed on wood studs.
These protect electrical or plumbing lines close to the stud face, and you must never attempt to drill through these. Usually, if you drill several inches above or below such plates, you will hit wood. If you are hitting metal along the entire stud length, it is not a protection plate, but a metal stud. Metal studs in this application should be fairly light gauge and easy to drill through. Protection plates are about 16 GA and are not easy to drill through.
You may anchor objects to metal studs. They are sturdy enough when finish sheathing is attached along their length. Do not use toggles, the hole required is too large. It's best to use a number of self-drilling screws that are barely long enough to engage the stud face material after passing through the mount and wall finish. This avoids damaging any lines routed through the center holes of the stud. You can also use self tapping screws into pre-drilled holes, but drill very carefully so as not to damage any underlying lines when the drill breaks through the face material, and again, use appropriate length screws.
Quick version: You have metal studs. Install tips below.
Long version: This is a good question with a lot of detailed information; kudos. Perhaps I am missing something, but the information provided leads to a clear conclusion IMHO. A building that tall built in the 90s in the US will have metal studs (99%+ chance?), so what you're finding matches expectations.
To be safe, go ahead and use that stud finder or your knuckle to confirm you have 16" OC (on-center) studs all the way across the wall that line up with the original 3. If so, then it's pretty clear... metal studs, you have!
If you want to be really safe, or just cover your butt, ask the building super or maintenance person to stop by sometime. A building that big almost certainly has someone who stops by daily or is maybe full-time; just find a time to say "hey, I'll be home 3-6pm today... could you stop by when you have a sec?" They're usually happy to help. Ask if they know the building has metal studs, and it wouldn't hurt to ask their advice for install. If something goes horribly wrong later, at least you asked the pros.
Next, yes, use toggle bolts. 5/8" drywall and metal studs aren't designed to hold much weight, so use one toggle for every 50-100 pounds of weight to be safe. There are lots of posts on this site about doing that, but here's a good one: If my wall has metal studs, is it better to anchor heavy objects through just drywall or also through the studs?
Depending on how your bed is designed, a plywood backer board might be wise, e.g. Can metal studs support a 64" plasma TV on a swiveling mount? Most likely, I think, this will be unnecessary because your bed will already be designed to spread the load evenly across the wall. Post pictures (perhaps in another question) if you aren't sure.
Finally, keep in mind that the load you're attaching will be moving a lot, unlike a TV or even a bookcase, so make sure the bolts are snug and don't allow the back of the bed to jiggle at all; err on the side of caution and put a few more toggles in than the 200-360# limit suggests in those links above. 1/2" holes are easy to patch and paint later.
Best Answer
Unless you know exactly what it is, do not drill through metal in the wall. There are so many bad things it can be. Ductwork in the wall wouldn't be terrible to drill into, but then trying to use a sheetrock anchor in that hole might not be a great idea.
If you are drilling into a stud, and you find metal, it could be a nail protector designed to cover pipes and wires that are run through studs.
These are easy to identify because they will sit directly behind the drywall. They are thick enough so you can't puncture them by accident, but if you have a drill and are determined, you can drill through it pretty quickly.
If there is a wire behind the plate, the damage might not be immediate or obvious but the damaged wire could cause issues later. (Of course you can get lucky and not hit the wire).
Plumbing pipe is another common source of metal, but in new construction that has been largely replaced by plastic pipe. Either way if a pipe is drilled, you get pretty immediate feedback that you messed up in the form of a big leak.