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Shafaq News
3 days ago
- Business
- Shafaq News
Gold hits over one-week low after US court blocks most of Trump's tariffs
Shafaq News/ Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump's "reciprocal tariffs", dampening the metal's safe-haven allure, while a robust dollar further pressured prices of the precious metal. Spot gold was down 0.5% at $3,273.37 an ounce, as of 0431 GMT, after hitting its lowest since May 20. U.S. gold futures dropped 0.7% to $3,270.80. A U.S. trade court on Wednesday halted the enforcement of Trump's tariffs, ruling the president exceeded his authority by imposing universal duties on imports from nations with a trade surplus with the United States. The U.S. court's decision is the key news driver leading to a rally in the dollar, which subsequently pushed gold prices lower, said Nicholas Frappell, global head of institutional markets at ABC Refinery. On April 2, Trump had levied "reciprocal tariffs" on multiple countries, stoking fears of a global recession. However, many of those country-specific tariffs were paused a week later. Following the trade court's ruling, the U.S. dollar index (.DXY), opens new tab rallied, making greenback-priced gold more expensive, with Wall Street futures and Asian equities also climbing. Meanwhile, the Trump administration filed a notice of appeal, challenging the court's authority and signalling a potential escalation to the Supreme Court if necessary. But the gold market is still bullish as "longer term outlook suggests a weaker dollar and there's still likely to be some inflationary pressures near term," Frappell said. The minutes from the U.S. Federal Reserve's May 6-7 session showed that officials are concerned about the potential for concurrent rises in inflation and unemployment, a scenario that would necessitate a choice between implementing tighter monetary policy to combat inflation or lowering interest rates to support economic growth and employment. The market now awaits U.S. GDP data due later in the day, with core U.S. Personal Consumption Expenditures data for further cues on rate cut trajectory. Elsewhere, spot silver rose 0.6% to $33.19 an ounce, platinum was up 0.6% to $1,080.90 and palladium edged 1.3% higher to $974.69.
Business Recorder
3 days ago
- Business
- Business Recorder
Gold hits over one-week low as US tariff ruling dents safe-haven appeal
Gold prices slipped on Thursday to their lowest levels in more than a week after a US federal court blocked President Donald Trump's 'reciprocal tariffs', dampening the metal's safe-haven allure, while a robust dollar put further pressure on bullion. Spot gold was down 0.6% at $3,271.17 an ounce, as of 0618 GMT, after hitting its lowest since May 20. U.S. gold futures dropped 0.8% to $3,268.20. A US trade court on Wednesday halted the enforcement of Trump's tariffs, ruling the president exceeded his authority by imposing universal duties on imports from nations with a trade surplus with the United States. Gold prices recover sharply The U.S. court's decision is the key news driver leading to a rally in the dollar, which subsequently pushed gold prices lower, said Nicholas Frappell, global head of institutional markets at ABC Refinery. On April 2, Trump had levied 'reciprocal tariffs' on multiple countries, stoking fears of a global recession. However, many of those country-specific tariffs were paused a week later. Following the trade court's ruling, the U.S. dollar index rallied, making greenback-priced gold more expensive, with Wall Street futures and Asian equities also climbing. Meanwhile, the Trump administration filed a notice of appeal, challenging the court's authority and signalling a potential escalation to the Supreme Court if necessary. But the gold market is still bullish as 'longer-term outlook suggests a weaker dollar and there's still likely to be some inflationary pressures near term,' Frappell said. The minutes from the U.S. Federal Reserve's May 6-7 session showed that officials are concerned about the potential for concurrent rises in inflation and unemployment, a scenario that would necessitate a choice between implementing tighter monetary policy to combat inflation or lowering interest rates to support economic growth and employment. The market now awaits U.S. GDP data due later in the day, with core U.S. Personal Consumption Expenditures data for further cues on rate outlook. Elsewhere, spot silver rose 0.7% to $33.21 an ounce, platinum was down 0.2% at $1,073.15 and palladium edged 0.9% higher to $971.57.
Mint
3 days ago
- Business
- Mint
Gold hits over one-week low as US tariff ruling dents safe-haven appeal
- Gold prices slipped on Thursday to their lowest levels in more than a week after a U.S. federal court blocked President Donald Trump's "reciprocal tariffs", dampening the metal's safe-haven allure, while a robust dollar put further pressure on bullion. Spot gold was down 0.6% at $3,271.17 an ounce, as of 0618 GMT, after hitting its lowest since May 20. U.S. gold futures dropped 0.8% to $3,268.20. A U.S. trade court on Wednesday halted the enforcement of Trump's tariffs, ruling the president exceeded his authority by imposing universal duties on imports from nations with a trade surplus with the United States. The U.S. court's decision is the key news driver leading to a rally in the dollar, which subsequently pushed gold prices lower, said Nicholas Frappell, global head of institutional markets at ABC Refinery. On April 2, Trump had levied "reciprocal tariffs" on multiple countries, stoking fears of a global recession. However, many of those country-specific tariffs were paused a week later. Following the trade court's ruling, the U.S. dollar index rallied, making greenback-priced gold more expensive, with Wall Street futures and Asian equities also climbing. [MKTS/GLOB][USD/] Meanwhile, the Trump administration filed a notice of appeal, challenging the court's authority and signalling a potential escalation to the Supreme Court if necessary. But the gold market is still bullish as "longer-term outlook suggests a weaker dollar and there's still likely to be some inflationary pressures near term," Frappell said. The minutes from the U.S. Federal Reserve's May 6-7 session showed that officials are concerned about the potential for concurrent rises in inflation and unemployment, a scenario that would necessitate a choice between implementing tighter monetary policy to combat inflation or lowering interest rates to support economic growth and employment. The market now awaits U.S. GDP data due later in the day, with core U.S. Personal Consumption Expenditures data for further cues on rate outlook. Elsewhere, spot silver rose 0.7% to $33.21 an ounce, platinum was down 0.2% at $1,073.15 and palladium edged 0.9% higher to $971.57. This article was generated from an automated news agency feed without modifications to text.
Emirates 24/7
3 days ago
- Business
- Emirates 24/7
Gold hits over one-week low after US court blocks most of Trump's tariffs
Gold touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump's "reciprocal tariffs", dampening the metal's safe-haven allure, while a robust dollar further pressured prices of the precious metal. Spot gold was down 0.5% at $3,273.37 an ounce, as of 0431 GMT, after hitting its lowest since May 20. U.S. gold futures dropped 0.7% to $3,270.80. A U.S. trade court on Wednesday halted the enforcement of Trump's tariffs, ruling the president exceeded his authority by imposing universal duties on imports from nations with a trade surplus with the United States. The U.S. court's decision is the key news driver leading to a rally in the dollar, which subsequently pushed gold prices lower, said Nicholas Frappell, global head of institutional markets at ABC Refinery. On April 2, Trump had levied "reciprocal tariffs" on multiple countries, stoking fears of a global recession. However, many of those country-specific tariffs were paused a week later. Following the trade court's ruling, the U.S. dollar index rallied, making greenback-priced gold more expensive, with Wall Street futures and Asian equities also climbing. Meanwhile, the Trump administration filed a notice of appeal, challenging the court's authority and signalling a potential escalation to the Supreme Court if necessary. But the gold market is still bullish as "longer term outlook suggests a weaker dollar and there's still likely to be some inflationary pressures near term," Frappell said. The minutes from the U.S. Federal Reserve's May 6-7 session showed that officials are concerned about the potential for concurrent rises in inflation and unemployment, a scenario that would necessitate a choice between implementing tighter monetary policy to combat inflation or lowering interest rates to support economic growth and employment. The market now awaits U.S. GDP data due later in the day, with core U.S. Personal Consumption Expenditures data for further cues on rate cut trajectory. Elsewhere, spot silver rose 0.6% to $33.19 an ounce, platinum was up 0.6% to $1,080.90 and palladium edged 1.3% higher to $974.69. Follow Emirates 24|7 on Google News.
The Star
3 days ago
- Business
- The Star
Gold hits over one-week low after US court blocks most of Trump's tariffs
GOLD touched a more than one-week low on Thursday after a U.S. federal court blocked President Donald Trump's "reciprocal tariffs", dampening the metal's safe-haven allure, while a robust dollar further pressured prices of the precious metal. Spot gold was down 0.5% at $3,273.37 an ounce, as of 0431 GMT, after hitting its lowest since May 20. U.S. gold futures dropped 0.7% to $3,270.80. A U.S. trade court on Wednesday halted the enforcement of Trump's tariffs, ruling the president exceeded his authority by imposing universal duties on imports from nations with a trade surplus with the United States. The U.S. court's decision is the key news driver leading to a rally in the dollar, which subsequently pushed gold prices lower, said Nicholas Frappell, global head of institutional markets at ABC Refinery. On April 2, Trump had levied "reciprocal tariffs" on multiple countries, stoking fears of a global recession. However, many of those country-specific tariffs were paused a week later. Following the trade court's ruling, the U.S. dollar index rallied, making greenback-priced gold more expensive, with Wall Street futures and Asian equities also climbing. Meanwhile, the Trump administration filed a notice of appeal, challenging the court's authority and signalling a potential escalation to the Supreme Court if necessary. But the gold market is still bullish as "longer term outlook suggests a weaker dollar and there's still likely to be some inflationary pressures near term," Frappell said. The minutes from the U.S. Federal Reserve's May 6-7 session showed that officials are concerned about the potential for concurrent rises in inflation and unemployment, a scenario that would necessitate a choice between implementing tighter monetary policy to combat inflation or lowering interest rates to support economic growth and employment. The market now awaits U.S. GDP data due later in the day, with core U.S. Personal Consumption Expenditures data for further cues on rate cut trajectory. Elsewhere, spot silver rose 0.6% to $33.19 an ounce, platinum was up 0.6% to $1,080.90 and palladium edged 1.3% higher to $974.69. - Reuters
