Gold Steadies as Investors Weigh Impact of Trump Tariff Ruling
Gold steadied as markets absorbed news that the US trade court has blocked President Donald Trump's global tariff agenda.
Bullion was little changed, paring losses from earlier in the morning when the market reacted to the US Court of International Trade deeming many of Trump's tariffs illegal. The dollar rallied in response to the news, weighing on gold.
The Trump administration filed a notice that it was appealing the ruling, which suspends most of its tariffs. The US Supreme Court may ultimately have the final say in the high-stakes case that could impact trillions of dollars in global trade.
The ruling, a major blow to a pillar of the Republican's economic agenda, could dim some of gold's haven appeal.
'The news out of the US could see some significant downside for gold in the sessions ahead as haven trades are pulled,' said Nick Twidale, chief market analyst at AT Global Markets in Sydney, adding that prices could unwind further in the current trading session before finding some support. 'The longer term trend is still in place so we will find some bargain hunters at some point in the day.'
Elsewhere, strong tech earnings from Nvidia Corp. on Wednesday saw an acceleration of risk appetite returning to Wall Street — also adding to bearish headwinds for gold. The positive results came after US consumer confidence figures published earlier in the week showed a sharp rebound amid optimism about improving US relations with some of its trading partners.
The US trade court ruling is the latest twist in the market uncertainty unleashed by Trump's aggressive tariff agenda, which has driven investors to seek safety in gold, a traditional haven. While prices are currently about $220 below an all-time-high set last month, the precious metal is still up by more than a quarter this year.
Spot gold was down 0.2% to $3,280.76 an ounce as of 10:05 a.m. in London. The Bloomberg Dollar Spot Index was unchanged. Silver and palladium gained and platinum fell.
With assistance from Jack Ryan.
This article was generated from an automated news agency feed without modifications to text.
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