Gold hits new record high as global trade risks escalate

Gold bars 

Gold prices climbed to a new record high today, Feb. 10, after US President Donald Trump threatened to impose new tariffs on steel and aluminum imports, in another escalation of his protectionist trade policies.

April gold futures added 0.78%, or $22.4, to trade at $2,910 an ounce at 09:50 am Makkah time, notching an all-time high.

Likewise, spot prices advanced to a record peak after jumping by 1% to $2,888.78 per ounce.

Elsewhere, March silver futures held steady at $32.43 an ounce, while platinum spot prices rose 0.48% to $983.14 per ounce.

In press statements on Sunday, Trump said he intends to impose a 25% tariff on steel and aluminum imports from all world countries, fueling increased fears of a global trade war due to his policies.

In addition, he threatened to impose reciprocal tariffs on countries that impose tariffs on their imports from the US, by Tuesday or Wednesday of this week.

On another note, all eyes are on the release of US consumer and producer price inflation data on Wednesday and Thursday, respectively, for more cues on prospects for monetary easing in the US.