In today’s newsletter: Trump ramps up economic pressure on Iran by announcing a 25% tariff on countries doing business with it. The Supreme Court prepares to weigh oral arguments on transgender student-athletes. And an unlikely presidential ally emerges as the administration rolls out a new economic agenda to address affordability concerns.

The gold market faced significant developments throughout 2025 as participants responded to evolving drivers, including US tariff policies.

Only once in the modern era have the justices taken this long to issue their first decision — and when it came, it wasn’t the hotly anticipated case on President Trump’s tariffs.

A ruling against Trump would not necessarily end the tariff saga. The administration has already signalled it has alternative legal routes.