Gold falls as dollar rises after court ruling against Trump tariffs

Gold bars

Gold prices declined on Thursday as the US dollar strengthened, following a US trade court ruling that President Donald Trump had exceeded his authority by imposing sweeping tariffs on imports from America’s trading partners.

Gold futures for June delivery fell 0.8%, or $26.5, to $3,268.4 an ounce.

Spot gold prices dropped 0.6%, or $19.4, to $3,268.08 an ounce, as of 8:38 a.m. Makkah time.

Meanwhile, the US Dollar Index, which measures the greenback against a basket of six major currencies, rose 0.4% to 100.29 points.

Silver futures for July delivery gained 0.6% to $33.35 an ounce. Spot palladium prices rose more than 1% to $976.01, while spot platinum slipped 0.2% to $1,079.59.

The court ruling boosted risk appetite in global markets, which had been jittery over the tariffs' impact on economic growth. However, analysts warned the relief could be short-lived, as the Trump administration filed a notice of appeal and signaled it may escalate the case to the Supreme Court if necessary, according to Reuters.