Gold surpasses $2,900 at settlement, hits fresh record peak

Gold bars 

Gold prices extended their gains at close today, Feb. 10, still hitting new record levels after US President Donald Trump threatened to impose additional tariffs on steel and aluminum imports, in an escalation of his protectionist trade policies.

April gold futures rose 1.6%, or $46.80, to finish at $2,934.40 per ounce, marking a new record high for the precious metal.

Bullion gains were capped by the 0.25% hike in the US dollar index, which gauges the US currency strength against a basket of six major currencies, to stand at 108.32 points at 10:31 pm Makkah time.

However, the yellow metal’s prices were lifted by China’s rollout of a pilot program to allow insurance companies to purchase bullion, in a move that is poised to generate about ¥200 billion ($27.4 billion) in bullion reserves.

Besides keeping tabs on US trade threats, investors are closely eyeing US consumer and producer price inflation data due on Wednesday and Thursday, respectively, for more insights into the outlook for monetary easing in the US.