Metals have been reacting higher since the beginning of the week’s trading for the opening session of the week today, Monday, February 10, as gold rose by more than 1.5% after the US President’s statements, recording a new record high in trading at $2903 per ounce, while silver rose by about 1.49%, trading at $32.29 per ounce.
The yellow metal and the rest of the metals have benefited since the beginning of the week from the continued repercussions of the ongoing tariff policies, the latest of which were US President Trump’s statements that he will impose additional customs duties of 25% on his country’s imports of steel and aluminum from all countries of the world to be applied alongside the existing tariffs on metal imports, and they will be announced in the middle of the week and will enter into force immediately, adding that if countries impose customs duties on us, we will target the same.
Trump’s statements and customs threats have raised the demand for safe havens, with gold at the forefront.
Platinum, in turn, is trading at $984, up by about 0.80%, while palladium is rising by about 0.75%, trading at $973, and aluminum is rising by about 0.38%, trading at $2,638 per ton, according to the London Stock Exchange.
03/03/2025
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