Gold price today: Rates drop after US court strikes down Trump's tariffs; experts' strategy for MCX Gold
Gold price today: Gold rates dropped significantly in the domestic futures market Thursday morning after a US federal court struck down President Donald Trump's tariffs, denting the yellow metal's safe-haven appeal. The strengthening US dollar also weighed on gold prices. MCX Gold June 5 contracts traded 0.52 per cent lower at ₹ 94779 per 10 grams around 9:05 AM.
According to Reuters, "a US trade court on Wednesday blocked the enforcement of Trump's 'Liberation Day' tariffs, ruling the president exceeded his authority by imposing universal duties on imports from nations with a trade surplus with the United States."
On April 2, Trump imposed reciprocal tariffs on nearly all of the country's trading partners. However, many of these country-specific tariffs were put on hold just a week later.
The US administration has been engaged in trade talks with its allies since then. It has finalised temporary deals with China and has delayed tariffs on the European Union till July 9.
Trump's tariffs and concerns over their potential negative impact on inflation and growth trends have been the key drivers of gold prices this year so far.
(This is a developing story. Please check back for fresh updates.)
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