FX.co ★ Gold Falls as Trade Court Strikes Down Trump Tariffs

Gold prices declined nearly 1% to approximately $3,260 per ounce on Thursday, marking the third consecutive day of depreciation, as reduced tariff risks diminished the demand for safe-haven assets. This drop followed a decision by the US Court of International Trade, which determined that President Donald Trump had overstepped his authority in implementing reciprocal tariffs. The court ruled that these measures should be vacated and permanently blocked, representing a considerable setback to the president's economic agenda. The administration is anticipated to appeal the decision. Meanwhile, minutes from the Federal Reserve's May meeting revealed that policymakers are maintaining a wait-and-see approach while assessing the economic impact of recent policy actions, including the recently halted reciprocal tariffs. The Fed also noted rising risks of both inflation and unemployment. Additionally, US gold exports to Switzerland increased significantly in April following the removal of tariffs on precious metals, introducing a new dynamic to global gold flows.