Gold, silver stocks and ETFs jumped in morning trading. Fortuna Silver Mines rose 8%; ProShares Ultra Silver rose 7%; First Majestic Silver rose 5%; Hycroft Mining and iShares Silver Trust rose 4%; Endeavour Silver and Pan American Silver rose 2%.
US Gold Corp. rose 7%; Anglogold Ashanti and Harmony Gold rose 5%; Kinross, ProShares Ultra Gold, and Agnico Eagle Mines rose 4%; Gold Fields, Eldorado, and Barrick Mining rose 3%; Newmont Mining, Hecla Mining, Gold Trust Ishares, and SPDR Gold ETF rose 2%.
Gold rose to a three-week high on Monday, fueled by a fresh wave of safe-haven demand on uncertainty over U.S. President Donald Trump's tariff plans after he vowed to raise duties following the Supreme Court's ruling against his earlier tariffs.
Spot gold was up more than 1% at $5,200 per ounce by 09:55 a.m. ET (1408 GMT), having hit its highest since January 30 earlier in the session. The metal touched a record high of $5,594.82 an ounce on January 29.
Spot silver climbed 2.2% to $86.42 an ounce, a more than two-week high. Platinum edged 0.3% higher to $2,150.75 an ounce, while palladium added 0.4% to $1,755.50 an ounce.
The U.S. Supreme Court struck down Trump's sweeping tariffs that he pursued under a law meant for use in national emergencies, handing the Republican president a stinging defeat in a landmark ruling on Friday with major implications for the global economy.
After the court ruling, Trump said he would raise a temporary tariff from 10% to 15% on U.S. imports from all countries.
Wall Street futures and the dollar slid in Asia on Monday as murkiness around U.S. tariffs revived the "sell America" trade.
Iran has indicated it is prepared to make concessions on its nuclear programme in talks with the U.S. in return for the lifting of sanctions and recognition of its right to enrich uranium, as it seeks to avert a U.S. attack.
Meanwhile, data on Friday showed that underlying U.S. inflation increased more than expected in December, and signs are pointing to a further acceleration in January, which would strengthen expectations that the Federal Reserve won't cut interest rates before June.