Gold shines and the dollar declines after the US Supreme Court’s decision regarding customs duties

Gold rose to its highest level in more than 3 weeks today, with the dollar falling after the US Supreme Court on Friday canceled a large portion of the customs duties imposed by President Donald Trump, and in light of escalating tensions between the United States and Iran.

Gold rose in spot transactions by 1.2 percent to $5,163.60 per ounce by 02:10 GMT, recording its highest level in more than three weeks.

US gold futures for April delivery increased by 2 percent to $5,184.90.

The dollar fell after traders considered the US Supreme Court’s decision to cancel most of the tariffs imposed by Trump as support for global growth, but the state of confusion and the risk of conflict in the Middle East limited these moves.

Traders said that the Chinese market is closed on the mainland for the Lunar New Year holiday, which means low trading volumes and the possibility of fluctuations, and trading is scheduled to resume tomorrow, Tuesday.

The US Supreme Court’s decision to cancel a large portion of the tariffs imposed by Trump weakened his ability to threaten to impose tariffs at any moment, but it will not end the state of uncertainty that worries trading partners or companies.

US Trade Representative Jamison Greer said yesterday that none of the countries that concluded trade agreements with the United States announced plans to withdraw from them after the ruling was issued.

US economic growth slowed more than expected in the last quarter, as government spending recorded its largest decline since 1972 due to the closure that occurred last year, but stable spending by consumers and businesses confirmed the strength of the economy.

According to CME’s Fed Watch tool, markets currently expect the Federal Reserve to make three interest rate cuts of 25 basis points this year.

Iran indicated that it is ready to make concessions regarding its nuclear program in talks with the United States in exchange for lifting sanctions and recognizing its right to enrich uranium, in an attempt to avoid a US attack.

As for other precious metals, the price of silver in spot transactions rose 3.1 percent to $87.10 per ounce, which is its highest level in more than two weeks.

Platinum rose in spot transactions 1.2 percent to $2,182.60 per ounce, while palladium increased 0.5 percent to $1,753.75.