Gold climbs 1.1% to $5,161.64 after US tariff ruling.
Supreme Court strikes down Trump’s emergency tariff powers.
Possible duty refunds may weigh on US Treasury revenues.
Weak dollar boosts bullion demand amid renewed tariff uncertainty.
Gold prices rose to an over three-week high today after the US Supreme Court decided to strike down President Donald Trump's tariff blitz as uncertainty hovers around negotiated trade deals. This has pressured the dollar and pushed investors to seek the safety of bullion.
Spot gold rose 1.1% to $5,161.64 per ounce by 0419 GMT, after touching its highest level since 30 January, Reuters reported. US gold futures for April delivery were up 2% at $5,183, it added.
3 February 2026
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Last Saturday, Trump said that to preserve protective trade measures, he would impose a 15% global tariff following the Supreme Court's order against his use of emergency powers to set reciprocal duties. A weaker dollar following the decision has made the metal cheaper for many buyers.
The Supreme Court of the United States ruled that Donald Trump exceeded his authority by using a federal emergency-powers law to impose “reciprocal” tariffs globally, as well as other targeted import taxes. The decision strikes down a substantial portion of the tariffs rolled out during his second term.
According to Bart Melek, global head of commodity strategy, the ruling implies that the United States Department of the Treasury may need to refund duties already paid by importers and accept lower revenues going forward.
Trump said at a Friday press conference that his administration would pursue alternative measures to replace the invalidated tariffs. While the U.S. Constitution assigns Congress the power to levy taxes and duties, Congress has delegated some of this authority to the executive branch through statutes. Trump said he would now impose a 10% global tariff under Section 122, on top of existing duties.
"Overall, the risk-off sentiment remained in precious metals in this week. We expect gold prices might move higher towards Rs 1.61 lakh per 10 grams," Prathamesh Mallya, DVP - Research, Non-Agri Commodities and Currencies, Angel One told PTI.
