Significant movements were observed in the financial market as trading commenced on Monday (February 10, 2025). The price of Gold saw a sharp rise, the US dollar gained strength, and the Nasdaq index plummeted. The catalyst for these changes was the announcement by United States President Donald Trump, who intends to raise import tariffs on steel and aluminum.
Gold skyrocketed by over $10, amounting to 100 pips, reaching $2,870.42 per troy ounce, coming close to its all-time high of $2,886 set last Friday.
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The robust US dollar led to a notable decline in the EUR/USD and GBP/USD pairs, while the USD/JPY pair saw an increase at the opening of the trading session. Meanwhile, the Nasdaq experienced a drop, trading around 21,463.
Earlier, Trump indicated that he would issue an executive order on Monday, February 10, local time, to increase import tariffs on steel and aluminum by 25% from all countries. However, he did not specify when this policy would take effect.
Additionally, Trump mentioned plans to implement reciprocal tariffs, stating that he would elevate tariffs further if other countries raised their import duties on goods from the US. This move has reignited the demand for Gold and the US dollar as safe-haven assets, resulting in a boost for both this morning.
