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2026-02-21 01:02:14
Gold prices initially fluctuated before rebounding, following the US Supreme Court's rejection of the Trump administration's global tariff measures, which weakened the dollar. Simultaneously, Russia announced a reduction in its January gold reserves. The Supreme Court ruled that Trump's use of the Federal Emergency Management Agency (FEMA) to impose "reciprocal" tariffs and import duties on specific goods globally exceeded his legal authority. Spot gold initially dipped by 0.3% before recovering. Ewa Manthey, a commodities strategist at ING Bank, stated, "The Supreme Court's tariff ruling reduced recent trade uncertainty and boosted risk appetite, putting some pressure on gold." She added, "However, some tariffs remain in effect, and alternative trade measures cannot be ruled out, so the downward pressure on gold prices is relatively limited." The ruling coincided with the Russian central bank's reduction of its gold reserves in January, the first decline since October of last year. Over the past three years, central bank gold purchases have been a key factor driving significant gold price increases.
