Spot Gold rebounded more than 0.5% on Wednesday amid lingering uncertainty surrounding US tariffs in the wake of the US Supreme Court’s ruling.
Yesterday the United States began to collect a temporary 10% global import tariff. According to a Reuters report, citing a White House official, the Trump administration is working to increase that levy to 15%.
“There’s still ample room for further upside for gold here, especially if all the things driving gold prices higher, such as U.S. fiscal trade, foreign policy, continue to persist,” Kyle Rodda, senior market analyst at Capital.com, was quoted as saying by Reuters.
In geopolitics, during his State of the Union speech to Congress, US President Donald Trump briefly outlined the case for a possible strike on Iran, stressing that he will not allow the Islamic country to have a nuclear weapon.
The US and Iran are set to reconvene in Geneva on Thursday for another round of nuclear talks.
On the monetary policy front, Federal Reserve Governor Christopher Waller said he was open to keeping interest rates intact at the March meeting in case the February employment data implied the US labor market had “pivoted to a more solid footing” after weakness throughout 2025.
Investors are currently expecting the first rate cut, out of potential three, by the Fed for this year to occur as early as June.
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