Gold Prices Surge Amid Weaker GDP and Supreme Court Ruling

On Friday, gold prices rose after U.S. GDP growth figures were weaker than expected, while markets reacted to the Supreme Court's rejection of President Trump's tariff strategy. Spot gold climbed by 1% to $5,047.10 an ounce, and U.S. gold futures for April delivery saw a 1.4% increase to $5,065.70.

The Supreme Court's decision to strike down Trump's tariffs, enacted under national emergency laws, was a significant blow to his presidency. The ruling is predicted to influence the global economy by eliminating some uncertainty, mainly seen as favorable for stocks but somewhat bearish for gold in the short-term.

Despite the court's ruling, experts, including trader Tai Wong, suggest that the President may attempt to reimpose tariffs through other legal means, promoting market volatility. In the face of decreased economic growth and persistent inflation, gold remains appealing, with traders expecting two interest rate cuts from the Federal Reserve this year.