Gold is trading more than 1% higher at the start of European trading on Monday, February 23, the opening session of the week. The precious metal benefited from a weaker US dollar at the market open and increased demand for safe-haven assets as markets continued to assess the US Supreme Court’s decision last week. Gold is trading up approximately 1.06% at $5,155 per ounce, its highest level in three weeks, while silver is trading at $86.80 per ounce, up 2.64%.

The US Supreme Court last week overturned the reciprocal tariffs imposed by the US president on most of the world’s economies. The decision, issued by a 6-3 majority, affirmed that the International Emergency Economic Powers Act did not grant the president the authority to impose tariffs. This has increased market uncertainty and boosted demand for safe-haven assets and currencies, with gold leading the way.

Platinum, in turn, is trading at $2,164, up 0.35%, while palladium is up about 1.76%, trading at $1,778.