Gold Opens Above $5,100 After U.S. SC’s Tariff Ruling

Gold April futures opened at $5,128.80 per troy ounce, 0.9% higher than Friday’s closing price of $5,080.90.

Tariff uncertainty, along with ongoing tensions between the US and Iran, has supported higher demand for gold.

This marked gold’s first opening above $5,100 since Jan. 30, Catherine Brock reported for Yahoo Finance.

Gold’s latest move above $5,100 followed a Supreme Court ruling that President Trump’s blanket tariffs were illegal.

Trump had implemented the tariffs without congressional approval using the International Emergency Economic Powers Act (IEEPA), and the court ruled that IEEPA does not authorize the president to impose tariffs.

On Friday, Trump signed an executive order imposing a 10% global tariff under the Trade Act of 1974.

On Saturday, he raised the rate to 15%. The law allows the president to impose a temporary tariff, but congressional approval is required for extensions beyond 150 days.

Tariff uncertainty, along with ongoing tensions between the US and Iran, has supported higher demand for gold. Monday’s opening price reflected a 0.9% gain from Friday’s close.