Published : 21 Feb 2026, 03:53 PM
Updated : 21 Aug 2026, 03:23 PM
Gold prices rose more than 1 percent on Friday, supported by weaker‑than‑expected US GDP data, while investors digested President Donald Trump's announcement of fresh global tariffs following the US Supreme Court's tariffs ruling.
Spot gold XAU= was up 1.5 percent at $5,071.48 an ounce by 02:08pm (1908 GMT). US gold futures GCcv1 for April delivery settled 1.7 percent higher at $5,080.90.
"It's hard to see the president collecting his toys and going home; he will try to re-establish tariffs using other statutes which will promote volatility," said Tai Wong, an independent metals trader.
Medium-term uncertainty won't deter gold bulls, Wong added.
Trump said that he would impose a 10 percent global tariff for 150 days to replace some of his emergency duties that were struck down by the US Supreme Court.
The Supreme Court declared illegal his broad global tariffs imposed under the International Emergency Economic Powers Act, ruling that he had overstepped his authority under that law.
Wall Street's main stock indexes jumped on Friday after the Supreme Court ruling.
Data showed US economic growth slowed sharply to a 1.4 percent annualized rate in Q4, well below economists' forecast of 3 percent, as the government shutdown and softer consumer spending hit activity.
Separately, the Fed's preferred inflation gauge, the Personal Consumption Expenditure index, rose 0.4 percent in December, above expectations for a 0.3 percent increase.
"(The data) shows inflation is still present in the marketplace ... but with GDP coming in lower, it suggests the economy is not close to a turning point. There are still many unknowns and uncertainties around the US economy, and that is supportive for gold," said RJO Futures senior market strategist Bob Haberkorn.
Traders still expect two 25-basis-point rate cuts by the Fed this year, with the first expected in June. FEDWATCH
Gold, considered a safe-haven asset when there is geopolitical and economic uncertainty, also tends to do well when interest rates are low.
Elsewhere, spot silver XAG= gained 5.8 percent to $82.92 an ounce. Spot platinum XPT= rose 4.5 percent to $2,163.53, while palladium XPD= added 4 percent to $1,751.70.
