6 August
Gold hits one-week low following US federal court ruling on Trump's tariffs
Gold prices fell to a one-week low of $2,350 an ounce on Thursday after a US federal court suspended part of President Donald Trump's tariffs, which were enacted on his proclaimed "Liberation Day." The court ruled that the politician had exceeded his authority by imposing broad global import duties.
The decision reduced gold's appeal as a safe-haven asset and contributed to a stronger US dollar. As a result, the currency's appreciation made the precious metal more expensive for foreign investors, further pressuring demand.
Despite the short-term decline, analysts remain optimistic about gold's long-term prospects. As noted by the agency, expectations of a weaker US dollar and persistent inflationary pressures continue to support the metal's outlook.
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