Gold prices rose above $5200, testing new highs as traders reacted to ongoing tariff uncertainty. A Supreme Court ruling that deemed previous U.S. tariffs illegal has created global trade concerns. Nations are now evaluating their trade agreements with the United States.
The European Union has already frozen its trade deal ratification process with the U.S. President Trump has warned countries against “playing games,” threatening “much higher” tariffs. The U.S. administration plans to replace existing tariffs with a broad 15% tariff on imported goods.
Silver gained ground as the gold/silver ratio fell towards the 60.00 level. Tariff uncertainty also supported silver prices. Silver is trying to settle above resistance at $86.00-$87.00. A move above $87.00 could see it head towards $95.00-$96.00.
Platinum pulled back, pressured by concerns over potential new trade wars. Traders also engaged in profit-taking after platinum’s recent rebound from $2000. Platinum failed to settle above its 50-day moving average at $2205 and dropped below $2150.