Gold climbs to 3-week high as US tariff ruling

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 climbed 1.1% to $5,161.64 per ounce by ⁠0419 GMT, earlier hitting its highest since January 30. U.S. gold futures 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.
'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 climbed 3.1% ​to $87.20 per ounce, a more than two-week high.
Spot platinum edged 0.1% higher to $2,158 per ounce, while palladium slipped 0.1% to $1,747.11. (Reporting by Pablo Sinha in Bengaluru; Editing by Ronojoy Mazumdar)