<h1>Record gold prices fueled by Fed rate-cut bets, oil risks and tariff legal uncertainty, increasing trade flow and commodity volatility</h1> Gold prices hit record highs amid macroeconomic and geopolitical drivers; market commentary links expectations of US Federal Reserve rate cuts and oil supply disruptions to safe-haven demand. Legally significant developments include a US appeals court ruling finding certain tariffs unlawful and the US administration announcing plans to seek expedited Supreme Court review, which introduces near-term judicial uncertainty over trade policy. That litigation risk, coupled with potential executive and regulatory responses, may materially affect tariff regimes, international trade flows and commodity pricing volatility pending the Supreme Court's decision.