PRECIOUS-Gold firms as investors weigh weak US GDP data, Supreme Court's tariff ruling

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US Supreme Court rejects Trump's global tariffs

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US economic growth slows sharply in the fourth quarter

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US PCE inflation heats up in December

(Adds new comment in para 10 and updates prices)

By Anmol Choubey

Feb 20 (Reuters) - Gold prices rose on ?Friday, supported by weaker-than-expected U.S. GDP data, while investors ?weighed the U.S. Supreme Court's decision to strike down President Donald Trump's broad tariff plan.

Spot gold was up 1% ?at $5,047.10 an ounce by 11:08 a.m. (1608 GMT). U.S. gold futures for April delivery were up ?1.4% at $5,065.70.

The U.S. Supreme Court struck down Trump's sweeping ?tariffs, imposed under a law ?meant for national emergencies, rejecting one of his most controversial uses of presidential power with implications for the ?global economy.

TRUMP SEEN TRYING TO RE-ESTABLISH TARIFFS

"Prima ?facie, the Supreme Court ruling removes uncertainty on most of the Trump tariffs (and his ability to impose them on a whim) which is good ?for stocks and bad for gold," ?said Tai Wong, ?an independent metals trader.

"However, 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. So, short term, perhaps lower but medium term uncertainty won't ?deter gold bulls."

Wall Street's main stock indexes jumped on Friday after the Supreme Court ruling.

Data showed U.S. economic growth slowed sharply to a 1.4% annualized rate in Q4, well below economists' forecast of 3%, 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% ?in December, above expectations for a 0.3% 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 U.S. economy, and that is supportive for gold," said RJO Futures senior market strategist Bob Haberkorn.

Traders still expect two 25 basis points rate cuts by the Fed this year, with the first expected in June.

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 gained 4.5% to $81.84 an ounce. Spot platinum ?rose 3.2% to $2,135.95, while palladium added 2.5% ?to $1,726.25. (Reporting by Anmol Choubey in Bengaluru; Editing by Jane Merriman, ?David Holmes and Aurora Ellis)