Continued uncertainty over US President Donald Trump’s tariff rollout has driven gold to a fresh record overnight.
The safehaven metal reached US$2,900 ($4,626) an ounce following news of Trump’s plan to introduce tariffs on all imports of steel and aluminium to the US.
“The move adds increasing uncertainty over global financial markets, playing to gold’s role as a store of value in uncertain times,” ANZ Economist Sophia Angala says in a research note today (11 February).
“Traders have also been concerned that the precious metal will get caught up in the tariff war.”
Meanwhile, the S&P/ASX 200 edged up 20.3 points, or 0.24%, to 8,503.1 points as of 10.30am AEDT. The index has gained 1.54% over the past five days and in early trade sat about 0.74% off its 52-week high.
Eight of the 11 sectors were in the green after the opening bell. Utilities lifted 0.19%, materials rose 0.15% and energy and industrials were both up a marginal 0.03%.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & Astral Resources
