Khaberni - Gold climbed to its highest level in more than three weeks on Monday as the dollar declined following the US Supreme Court's decision to cancel a major portion of the tariffs imposed by President Donald Trump, amid escalating tensions between the United States and Iran.
Gold in spot transactions rose by 1.2% to $5163.60 an ounce by 0210 GMT, recording its highest level in more than three weeks.
The US gold futures for April delivery increased by 2% to $5184.90.
The dollar fell after traders considered the US Supreme Court's decision to cancel most of the tariffs imposed by Trump as support for global growth, but the confusion and risk of a conflict in the Middle East limited these movements.
Traders said that the Chinese market is closed on the mainland for the Lunar New Year holiday, meaning lower trading volumes and potential volatility. Trading is scheduled to resume on Tuesday.
The US Supreme Court's decision to cancel a large part of the tariffs imposed by Trump weakened his ability to threaten imposing tariffs at any moment, but it will not end the uncertainty troubling trade partners or companies.
