Gold experienced an uptick as market participants grappled with uncertainty surrounding the future of trade agreements negotiated with the US, following the Supreme Court’s limitation on President Donald Trump’s tariff authority. Bullion increased by as much as 1.3%, surpassing $5,170 per ounce. On Saturday, Trump announced his intention to implement a global tariff of 15% aimed at maintaining protective trade measures, following the Supreme Court’s decision that curtailed his authority to impose reciprocal duties through emergency powers. The recent decision has led to a depreciation of the dollar, resulting in lower prices for the metal for numerous purchasers.

The recent court ruling has raised concerns regarding the agreements the United States has established with its key trading partners. The trade chief of the European Parliament indicated plans to propose a delay in the ratification of an agreement with Washington until greater clarity is achieved. Indian officials have decided to postpone a trip to the US, and a member of Japan’s ruling party described the situation as “a real mess.”

The prevailing uncertainty is providing additional momentum to gold’s rebound following a sharp decline at the beginning of the month. The precious metal has experienced a rally over the past three weeks, driven by several enduring factors, such as increased geopolitical tensions and investor caution regarding sovereign bonds and currencies, which continue to provide support.

Gold experienced an increase of 0.7%, reaching a price of $5,144.72 per ounce as of 8:25 a.m. in Singapore. The Dollar Spot Index experienced a decline of 0.2%, following a similar decrease of 0.2% on Friday. Silver experienced an increase of 2.2%, reaching a value of $86.47. Platinum and palladium experienced an upward movement.