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OEXN: Gold Surges to Record High Amid Trump’s Steel and Aluminum Tariff Threats

Trump announced 25% tariffs on all steel and aluminum imports, driving up commodity prices and affecting currencies. Gold surged past $2,900, silver rose 0.9%, and other metals gained, while the Australian dollar and Norwegian krone weakened, and the Canadian dollar initially dipped before recovering. Speaking aboard Air Force One en route to the Super Bowl, Trump also threatened reciprocal tariffs on all nations imposing duties on US goods, stating, “If they charge us, we charge them.” Analysts predict gold could surpass $3,000 as rate cuts and geopolitical tensions support demand, with XTB suggesting Trump’s tariffs may spur a surge in gold purchases within the US. The EU vowed to retaliate if the tariffs take effect, further escalating trade tensions. Despite market uncertainty, US stock futures rose, and US Steel surged 6% in premarket trading, rebounding after Biden blocked a Nippon Steel takeoveron national security grounds. Experts warn that Trump’s trade policies are no longer just bargaining tools but a lasting disruptor to global markets.

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The trading analysis, opinions, and information provided in this article are for reference purposes only and do not constitute investment advice. Financial markets involve risks, and investors should make independent decisions based on their investment objectives, risk tolerance, and financial situation. Before trading, ensure you fully understand the associated risks. The author and the publishing platform are not responsible for any trading actions or losses incurred as a result.

Publication date:

2025-02-11 08:49:02 (GMT)

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