PRECIOUS-Gold climbs 1% as US tariff uncertainty lifts safe-haven demand

BY Reuters | ECONOMIC | 02/25/26 12:59 AM EST

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Spot gold rises 1%

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Silver up 3% to a three-week high

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Platinum, palladium also scale three-week highs

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U.S. starts collecting temporary new 10% global import tariff

(Updates prices, bullets, and context for late Asia trade)

By Ishaan Arora

Feb 25 (Reuters) - Gold prices ?climbed 1% on Wednesday, as investors flocked to the ?safe-haven metal during Asian trading, weighing uncertainty over U.S. tariffs following the U.S. Supreme Court's ruling that struck ?down a swathe of President Donald Trump's measures.

Spot gold was at $5,198 per ounce, as ?of 0534 GMT. Bullion ended the previous session down more ?than 1%, as investors ?locked in profits after gold hit a three-week high earlier in the day.

U.S. gold futures for April ?delivery were up 0.8% at $5,217.30.

"The return of ?the Chinese market, along with increased policy uncertainty in the United States, is maintaining the appeal of gold and, to an extent, silver ?as well," said Kyle Rodda, a senior ?market analyst ?at Capital.com.

The United States began collecting a temporary 10% global import tariff on Tuesday, but Washington was working to raise it to 15%, a White ?House official said, sowing confusion over Trump's tariff policies after the Supreme Court's ?defeat last week.

Meanwhile, two U.S. Federal Reserve officials signaled no near-term appetite to change the setting of central bank interest rate policy.

Markets currently expect three 25-basis-point rate cuts this year, according to CME's FedWatch Tool.

"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," Rodda added.

Trump briefly outlined the case ?for a possible attack on Iran during his State of the Union speech to Congress on Tuesday, saying he would not allow the country to obtain a nuclear weapon.

The remarks come as Iran inches closer to a deal with China to purchase anti-ship cruise missiles, according to six people familiar with the negotiations. Iran and the U.S. are set to hold a ?third round of nuclear talks on Thursday in Geneva.

Spot silver climbed 3% to $89.92 per ounce, a three-week high.

Spot platinum rose 3.6% to $2,244.85 per ounce, its highest point since ?February 5, while palladium added 2.4% to ?a three-week high of $1,811.37.

(Reporting by Ishaan Arora; Editing by ?Sherry Jacob-Phillips and Rashmi Aich)

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