Bengaluru – Gold prices soared to a record high on Feb 11 as investors flocked to the safe-haven asset after US President Donald Trump imposed new 25 per cent tariffs on steel and aluminium imports, fuelling concerns over a potential trade war and inflation.
Spot gold rose 0.4 per cent to US$2,917.80 per ounce as of 5.10am GMT (1.10pm Singapore time), after hitting a record high of US$2,942.70 earlier in the session.
US gold futures firmed 0.3 per cent to US$2,944.10.
Mr Trump substantially raised tariffs on steel and aluminium imports to a flat 25 per cent “without exceptions or exemptions” in a move to aid struggling US industries but which increases the risk of a multi-front trade war.
Gold has hit an eighth record-high level so far in 2025, driven by Mr Trump’s tariff threats, which have fuelled global growth uncertainties, trade war concerns, and inflationary pressure.
Bullion is traditionally considered a hedge during political and economic instability.
“The risk of a global trade war is putting pressure on trading in physical bullion and driving financial markets to get exposure to gold as a part of what can be loosely described as a de-dollarisation theme,” said Capital.com financial market analyst Kyle Rodda.
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