Gold Climbs Above 3-Week High As Tariff Turmoil Sparks Safe-Haven Rush – NEM, B Stocks Gain Pre-Market

• Spot gold (XAU/USD) climbed 1% higher to $5,154.5 an ounce to its highest since January 30.
• The U.S. Dollar Index (DXY), which measures the U.S. dollar against six major currencies, fell 0.1%.
• On Friday, the U.S. Supreme Court struck down Trump’s sweeping tariffs, stating that he had exceeded his authority under IEEPA. Over the weekend, Trump responded by hiking global tariffs to 15%. 

Gold prices climbed to more than three-week highs on Monday as increased uncertainty over tariffs sent investors scrambling for safe-haven assets. Over the weekend, President Donald Trump announced a hike in global tariffs from 10% to 15%, which came a day after the Supreme Court struck it down as ‘anti-American.’

Spot gold (XAU/USD) climbed 1% higher to $5,154.5 an ounce to its highest since January 30. Contracts expiring in April 2026 jumped 1.7% to $5,167.40 per ounce.

Meanwhile, spot silver (XAG/USD) was up 2.3% at $86.6 per ounce, while deliveries for April 2026 were up 4.7% at $86.5 an ounce.

Supreme Court Strikes Down Trump’s Tariffs

On Friday, the U.S. Supreme Court struck down Trump’s sweeping tariffs, stating that he had exceeded his authority under the 1977 International Emergency Economic Powers Act (IEEPA).

The Supreme Court upheld a lower court's decision, stating that the IEEPA, did not grant Trump the power he claimed to impose tariffs. In response, Trump said he would raise a temporary tariff on U.S. imports to 15% from 10% under Section 122, a separate law that has reportedly never been used. The development is likely to trigger additional legal challenges, adding fresh uncertainty around the future of tariffs.

“The price recovery in both gold and silver has likely been assisted by concerns or confusion even over the outlook for tariffs,” independent analyst Ross Norman told Reuters on Monday.

U.S. Dollar Slides On Tariff Uncertainties

The U.S. dollar slid after Trump announced 15% tariffs following the Supreme Court’s decision. The U.S. Dollar Index (DXY), which measures the U.S. dollar against six major currencies, was down 0.1%.

“The move triggered a weaker USD, which boosted investor appetite. This was aided by the prospect of the U.S. Treasury having to refund levies paid by importers,” ANZ analysts told the Wall Street Journal on Monday.

Precious Metals Miners Gain Pre-Market

Shares of gold miners Newmont Corp. (NEM) and Barrick Gold (B) inched 1% higher, while silver miner stocks Pan American Silver Corp. (PAAS) and First Majestic (AG) also gained 1% and Hecla Mining (HL) rose 2%

Despite the pre-market gains, retail sentiment for SPDR Gold Shares ETF (GLD) and iShares Silver Trust (SLV) remained in the ‘bearish’ territory over the past month.

Read also: Why Did ACLX Stock Surge 80% In Pre-Market Today?

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