On January 9, 2026, the US Supreme Court was poised to deliver a highly anticipated decision regarding the legality of tariffs imposed by former President Donald Trump, a ruling with significant implications for global trade and financial markets. The case at the heart of this legal challenge questions the President's authority to levy broad import duties under the International Emergency Economic Powers Act (IEEPA) without explicit congressional approval. Lower federal courts had previously ruled that Trump exceeded his powers, though the tariffs remained in effect pending the Supreme Court's review. Financial analysts widely discussed the potential ramifications of the decision. For gold and silver, a ruling against the tariffs was expected to trigger short-term market volatility and uncertainty. This could initially weaken the US dollar, boosting safe-haven demand for precious metals. However, in the medium term, reduced tariffs might ease inflationary pressures and support economic growth, potentially leading to higher interest rates and a stronger dollar, which could exert downward pressure on gold. The Indian stock market was particularly sensitive to the outcome. Experts largely anticipated a positive impact on Indian equities if the Supreme Court were to strike down the tariffs. India has been significantly affected by Trump's tariffs, including a 25% punitive component on certain goods linked to Russian oil purchases. A favorable ruling for importers could lead to a rally in Indian markets due to lower input costs for businesses, easing trade frictions, and improved visibility for export-oriented sectors. Conversely, upholding the tariffs would likely maintain pressure on Indian markets and export-heavy industries. The decision was set to redefine the scope of presidential authority in trade policy, influencing global supply chains and investor sentiment worldwide.