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Analysis: The tariff refund issue is unclear, and the market's response to the tariff ruling varies.
On February 20, following the U.S. Supreme Court’s ruling on Trump’s trade case, spot gold experienced significant short-term volatility, dropping from $5,063.96 per ounce by $73 to $4,990.9 per ounce. It has now rebounded to $5,052 per ounce, recovering about $61 from the low. Analyst James Athey noted that the market seems uncertain about how to respond to the ruling. The main issue originally centered around tariff refunds.