Gold climbs to highest since January 30, silver up over 3%
After court ruling, Trump increases US global tariff rate to 15%
Tehran is ready for nuclear concessions if US meets demands
(Updates for Asia morning session trade)
By Pablo Sinha
Feb 23 (Reuters) - Gold prices climbed to a more than three-week high on Monday as uncertainty stoked by the U.S. Supreme Court’s decision to strike down a vast swathe of President Donald Trump’s tariffs pressured the dollar and pushed investors to the safety of bullion.
Spot gold (XAU=) climbed 1.1% to $5,161.64 per ounce by 0419 GMT, earlier hitting its highest since January 30. U.S. gold futures (GCcv1) for April delivery were up 2% at $5,183.
“The court’s tariff ruling has, aside from earning the ire of the U.S. president, added another layer of uncertainty to global markets with traders again turning to gold as a defensive play,” said Tim Waterer, KCM chief analyst.
The U.S. Supreme Court struck down Donald Trump’s sweeping tariffs that he pursued under a law meant for use in national emergencies, handing the Republican president a stinging defeat in a landmark ruling on Friday with major implications for the global economy.
After the court ruling, Trump said he would raise a temporary tariff from 10% to 15% on U.S. imports from all countries.
Wall Street futures and the dollar slid in Asia on Monday as murkiness around U.S. tariffs revived the “sell America” trade. (MKTS/GLOB)
“Whether gold can claw its way back above $5,400 in the near-term may rest on how long tariff uncertainty lingers and whether the U.S. engages in military action against Iran,” Waterer added.
Iran has indicated it is prepared to make concessions on its nuclear programme in talks with the U.S. in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a U.S. attack.
Meanwhile, data on Friday showed underlying U.S. inflation increased more than expected in December, and signs are pointing to a further acceleration in January, which would strengthen expectations that the Federal Reserve won’t cut interest rates before June.
Spot silver (XAG=) climbed 3.1% to $87.20 per ounce, a more than two-week high.
Spot platinum (XPT=) edged 0.1% higher to $2,158 per ounce, while palladium (XPD=) slipped 0.1% to $1,747.11.

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Gold prices surged to a three-week high, reaching $5,161.64 per ounce, following the U.S. Supreme Court's ruling against President Trump's tariffs, which increased uncertainty in global markets. The ruling prompted Trump to raise tariffs on imports from 10% to 15%. Analysts suggest that gold's future performance may depend on ongoing tariff uncertainties and potential U.S. military actions against Iran. Meanwhile, silver also rose over 3% to $87.20 per ounce, reflecting a broader trend of investors seeking safe-haven assets amid market volatility.

Reuters

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PRECIOUS-Gold climbs to 3-week high as US tariff ruling stokes uncertainty