Gold price today, Monday, February 23: Gold opens above $5,100 after tariff ruling

Core Viewpoint - Gold prices have risen above $5,100 for the first time since January 30, driven by a Supreme Court ruling against President Trump's tariffs and ongoing geopolitical tensions, particularly with Iran [2][3]. Price Movement - Gold futures opened at $5,128.80 per troy ounce, reflecting a 0.9% increase from the previous closing price of $5,080.90 [1]. - The one-week price change for gold is +3.5%, one month is +3.6%, and one year is +74.5% [9]. Market Influences - The Supreme Court ruled that President Trump's tariffs were illegal, which has contributed to market uncertainty and increased demand for gold [2]. - Ongoing tensions between the U.S. and Iran are also supporting higher demand for gold [3]. Historical Performance - The one-year gain for gold was reported at 95.6% as of January 29 [4]. Pricing Mechanisms - Gold prices can be quoted in various forms, with spot prices representing the current market price for physical gold, while gold futures prices are contracts for future transactions [6][8]. - The spot price is generally lower than retail prices due to additional costs like premiums for refining and marketing [7]. Factors Affecting Gold Prices - Key factors influencing gold prices include geopolitical events, central bank buying trends, inflation, interest rates, and mining production [12].