Gold prices rebound after fluctuation, compounded by tariff turmoil and Russian gold sales.

Gold prices fluctuated, with the previous decision by the U.S. Supreme Court to overturn President Donald Trump's global tariff measures leading to a drop in the dollar, while Russia revealed the sale of gold reserves in January. The Supreme Court stated that Trump's use of a federal emergency power law to implement "equitable" tariffs and import taxes on specific goods globally had exceeded his authority. Spot gold prices initially fell by 0.3%, before rebounding. "The Supreme Court's tariff ruling has reduced recent trade-related uncertainties and boosted risk appetite, putting some pressure on gold," said Ewa Manthey, a commodity strategist at ING Bank. "However, due to the existence of some industry tariffs and the possibility of alternative trade measures, this support may be limited." At the same time as the ruling, the Russian Central Bank sold off gold reserves in January, marking the first decline in gold reserves since October. Over the past three years, the Central Bank's gold purchases have played a crucial role in the surge in gold prices.