WASHINGTON (dpa-AFX) - After moving notably higher over the course of last Friday's session, the price of gold has shown an even more significant move to the upside during trading on Monday.
Gold for April delivery has spiked $147.80 or 2.9 percent to $5,228.70 an ounce after jumping $83.50 or 1.7 percent to $5,080.90 an ounce in the previous session.
The precious metal continues to benefit from its appeal as a safe haven amid renewed trade uncertainty following the U.S. Supreme Court's decision to strike down most of President Donald Trump's global tariffs.
Trump announced in a post on Truth Social on Saturday that he would be raising worldwide tariffs to the 'fully allowed' and 'legally tested' 15 percent level from the 10 percent he announced shortly after the ruling.
'During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs, which will continue our extraordinarily successful process of Making America Great Again - GREATER THAN EVER BEFORE!!!' Trump said.
While a fact sheet from the White House acknowledged the president is only allowed to impose the tariffs for a period of 150 days without congressional approval, Trump claimed in a subsequent post that he does not need to go back to Congress for approval.
Trump also said any Country that wants to 'play games' will be met with a 'much higher Tariff, and worse, than that which they just recently agreed to.'
Meanwhile, the European Commission issued a statement requesting 'full clarity' on the steps the U.S. intends to take following the Supreme Court decision.
The European Commission called the current situation 'not conducive' to delivering 'fair, balanced, and mutually beneficial' transatlantic trade and investment, as agreed to by both sides and spelled out in the EU-U.S. Joint Statement of August 2025.
'A deal is a deal,' the European Commission said. 'As the United States' largest trading partner, the EU expects the U.S. to honour its commitments set out in the Joint Statement - just as the EU stands by its commitments.'
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