TechFlow news, on February 11, according to Jinshi News, spot gold prices broke through $2,920 per ounce, hitting a record high with year-to-date gains exceeding 11%. COMEX gold futures surged 1.70% to $2,936.8 per ounce, while the night session of gold trading at Shanghai Futures Exchange closed at 682.74 yuan per gram, up 1.35%.
The rise in gold prices is primarily driven by three factors: First, on February 10, Trump announced a 25% tariff on all imported steel and aluminum products, affecting major exporting countries including Canada, Brazil, Mexico, South Korea, and Vietnam, sparking concerns over trade wars and inflation. Second, geopolitical tensions in the Middle East have escalated again, with Israel and Hamas accusing each other of violating the six-week ceasefire agreement. Third, market attention is focused on the release of the U.S. January CPI data this Wednesday, with expectations that both headline and core CPI will rise 0.3% month-on-month, and 2.9% and 3.1% year-on-year respectively. If the data exceeds expectations, it could push up U.S. Treasury yields, potentially weighing on gold prices.
