Gold Prices Decline After Trump Tariff Block: Risky Asset and Dollar Growth - Media
Kyiv • UNN
Gold prices fell to a one-week low after Trump's tariff blocking. The court's decision reduced demand for gold as a safe haven, and a strong dollar put pressure on prices.
Gold prices fell to a one-week low after a US federal court blocked most of the tariffs imposed by President Donald Trump. This is reported by UNN with reference to Reuters.
Details
As of 04:31 GMT, the spot price of gold fell by 0.5% to $3,273.37 per ounce, reaching its lowest level since May 20.
On Thursday, May 29, the price of gold reached a low for more than a week after a US federal court blocked President Donald Trump's "reciprocal tariffs." According to Reuters analysts, this "reduced the appeal of the metal as a safe haven, while a strong dollar further pressured precious metal prices."
"The spot price of gold fell 0.5% to $3,273.19 per ounce, while gold futures for August delivery fell 0.8% to $3,297.25 per ounce by 00:47 a.m. ET (04:47 GMT). This week, gold traded 2.5% lower, also facing significant profit-taking after reaching record highs last week," – states Investing.com.
Additionally
The court granted the Trump administration 10 days to comply with the decision regarding the introduction of new import tariffs, but the White House has already filed an appeal, which could lead to a review of the case in the Supreme Court.
Analysts warn that the appeal process could be lengthy, creating additional uncertainty in the market.
Let us remind you
Earlier this week, Trump postponed the introduction of 50% tariffs on imports from the EU until July 9, which also contributed to a reduction in tension in the markets and influenced gold prices.