Spot gold was up 0.7% at $5,181.95 per ounce

Gold prices jumped on Wednesday as investors flocked to the safe-haven metal during Asian trading, amid uncertainty over U.S. tariffs following the Supreme Court’s ruling that struck down a swathe of President Donald Trump’s measures.

Spot gold was up 0.7% at $5,181.95 per ounce, as of 0353 GMT. Bullion ended the previous session down more than 1% as investors locked in profits after gold hit a three-week high earlier in the day.

U.S. gold futures for April delivery were up 0.5% at $5,200.40.

The return of the Chinese market, along with increased policy uncertainty in the US, is maintaining the appeal of gold and, to an extent, silver as well, said Kyle Rodda, a senior market analyst at Capital.com.

The US began collecting a temporary 10% global import tariff on Tuesday, but Washington was working to raise it to 15%, a White House official said, sowing confusion over Trump’s tariff policies after the Supreme Court’s defeat last week.

Meanwhile, two U.S. central bank officials signalled no near-term appetite to change the setting of central bank interest rate policy.

Markets currently expect three 25-basis-point rate cuts this year, according to CME’s FedWatch Tool.

There’s still ample room for further upside for gold here, especially if all the things driving gold prices higher, such as U.S. fiscal trade, foreign policy, continue to persist, Rodda added.

Gold may stabilise around a support of $5,140 per ounce, and retest the resistance at $5,244, technical analyst Wang Tao said, adding that the immediate resistance is at $5,205; a break above may lead to a gain into the $5,221 to $5,244 range.