Gold settles up about 3%

April gold futures climbed 2.85% to settle at $5,225.6 an ounce

Gold prices rose at settlement on Monday, supported by increased safe-haven demand amid uncertainty over US President Donald Trump’s trade policy after he pledged to raise tariffs following the Supreme Court’s decision to strike down most of the duties he had imposed.

April gold futures climbed 2.85%, or $144.7, to settle at $5,225.6 an ounce, after posting a third straight weekly gain at the end of last week.

In silver, spot prices rose 3.75% to $87.74 an ounce as of 10:56 p.m. Mecca time, while March futures advanced 6.31% to $87.54 an ounce.

The gains coincided with a weaker dollar after Trump renewed his criticism of the Supreme Court ruling that rejected his reciprocal tariff plan introduced in April.

On Saturday, Trump announced he would raise the broad global tariff imposed on Friday following the court’s decision to 15% from 10%, and threatened higher duties on countries seeking to take advantage of the ruling after signing trade agreements with the United States.

Precious metals also drew support from rising geopolitical tensions, as the United States and Iran prepare for a new round of nuclear talks on Thursday while Washington continues to deploy military forces in the Middle East.