Spot gold gained 1.6 per cent to $5,168.69 per ounce as of 0249 GMT while US gold futures for April delivery added 1.1 per cent to $5,178.40
The US Supreme Court's decision takes away a big cloud that's been hanging over global trade for a year now, analysts said.
Domestic gold prices were trading around ₹155,000 per 10 grams on Friday, having hit a record high of ₹180,779 last month before sliding to as low as ₹133,687 earlier in February
Gold outlook: Spot gold continues to trade in its short-term range of $4,700-$5,100; however, moves have become quite volatile and choppy
Bullion fell as much as 0.8 per cent on Monday, after climbing 2.4 per cent in the previous session
US yields fell on Tuesday after a raft of data suggested the economy may be softening, giving the US Federal Reserve more room to cut interest rates
Spot gold climbed as much as 1.7 per cent in early trading, and was also supported by a landslide election victory for incumbent Japanese Prime Minister Sanae Takaichi
The US dollar was at its lowest level since February 4, making greenback-priced metals cheaper for overseas buyers
Domestic gold prices were trading around ₹150,000 per 10 grams on Friday, after hitting a record high of ₹180,779 last week before sliding to as low as ₹133,687 this week
Gold rose nearly 13 per cent in January in its biggest monthly gain since November 2009, while silver jumped 19 per cent
Gold and Asian equities rebounded on Tuesday as trading conditions steadied following sharp swings in metals markets, with sentiment helped by stronger-than-expected US factory data
At current levels, MCX Gold prices have retraced up to 38.2 per cent, and Silver up to 50 per cent, highlights Aamir Makda Commodity & Currency Analyst of Choice Broking.
Spot gold fell as much as 6.3 per cent on Monday while Silver swung sharply, dropping to around $75 an ounce having earlier climbed as much as 3.2 per cent
Even after Friday's pullback, gold still registered a monthly gain of 13 per cent while silver was up 19 per cent for the month
Spot gold slumped to $5,104 before finding a bid. US equities slumping on tech spending and RoI concerns also weighed on the precious metals
Gold has surged past $5,000 an ounce as geopolitical tensions, trade uncertainty, expectations of lower US Fed interest rates and sustained global central bank buying combine to support prices
Spot gold will continue to draw support from safe-haven buying amid elevated geopolitical tensions as Greenland uncertainty continues
Despite the dip seen on Thursday, analysts suggest gold continues to be a reliable long-term portfolio anchor, rather than a short-term trade.
Gold price outlook: Huge volatility and choppiness are expected to continue in gold as traders navigate the maze of data and events in the very short term
Barring geopolitical shocks, spot gold may trade with a slightly bearish tilt ahead of the US ISM data and Index rebalancing.