Gold prices hold steady at all-time high

Gold bars

Gold prices stabilized today, Feb. 11, after ending the previous session at an all-time high following Trump’s imposition of his threat to impose tariffs on steel and aluminum imports from all countries.

April gold futures held ground at $2934.60 per ounce at 10:54 am Makkah time, after hitting a record high of $2,934.40 apiece at Monday's trading close.

However, spot prices climbed by 0.17% to $2,912.40 an ounce, after hitting an all-time peak of $2942.70 earlier in the session.

Elsewhere, March silver futures plummeted by 0.96% to trade at $31.18 per ounce, with platinum spot prices also down 0.70% to $984.49 an ounce.

This came as commodity market investors digested Trump's decision yesterday to impose 25% tariffs on steel and aluminum imports from all countries, a move that threatens to ignite a trade war on several fronts.

Gold has hit eight record highs since the beginning of 2025, as Trump's trade agenda has heightened uncertainty about global economic growth prospects and exposed the US economy to more inflationary pressures.

Investors are awaiting testimony from Federal Reserve Chairman Jerome Powell before the Senate Banking Committee on the semi-annual monetary policy report on Tuesday and Wednesday.