Gold price hits record $2900 amid Trump threats

Exchange price of an ounce of gold for the first time in history exceeded the mark of $2900 after the statement of American President Donald Trump about plans to impose 25% duties on imports of aluminum and steel in the United States. This was reported by The Guardian on February 10.

Earlier in the day, Trump announced that on Monday, February 10, he would impose duties of 25% on steel and aluminum imported into the United States.

"Gold has now hit a new all-time high of $2900 an ounce, consolidating its previous rise and prompting speculation that it could soon hit the $3000 mark," the piece says.

Also The Guardian with reference to a group of experts ING Economic reported that gold has already risen in price by more than 9% since the beginning of the year, reaching a number of record highs in a row.

In addition, futures on U.S. stock exchanges have also risen. For example, the Dow Jones Industrial Average, which includes 30 large U.S. companies, rose 0.27% in the corresponding market.

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On February 4, 2025, U.S. duties of 10% on imports from China went into effect. In response, the PRC reported on February 4 that the country would impose duties of 15% on coal and liquefied natural gas (LNG) from the U.S. effective February 10. In addition, it was noted that tariffs of 10% would be imposed on U.S. crude oil, multi-liter vehicles, pickup trucks and farm machinery.

Reuters reported that retaliatory Chinese duties on the United States could lead to a reduction in U.S. oil exports in 2025 for the first time since the COVID-19 pandemic began.

On February 1, Trump signed an executive order imposing trade tariffs of 25% on goods from Canada, China and Mexico. At the same time, he promised to impose duties on goods from the European Union (EU). With this decision, he seeks to prevent the importation of drugs across the border, as well as to reduce the flow of migrants. However, on February 4, after negotiations with the Canadian government, Trump postponed the introduction of duties on goods from the country for at least 30 days.