Gold facing potential downside as Trump tariffs dealt blow

GOLD prices stabilised Thursday as markets digested a major legal setback for President Donald Trump’s trade policy, said Bloomberg News citing analysts who warned of potential further declines ahead.“The news out of the US could see some significant downside for gold in the sessions ahead as haven trades are pulled,” Nick Twidale, chief market analyst at AT Global Markets in Sydney told the newswire. “The longer term trend is still in place so we will find some bargain hunters at some point in the day.”The US Court of International Trade dealt a significant blow to Trump’s economic agenda by ruling many of his global tariffs illegal, prompting an immediate market response that saw the dollar rally and gold pare earlier losses.Bullion was little changed by midday trading after initially declining when news of the court decision broke. The ruling suspends most of the administration’s tariffs, representing a major challenge to what has been a cornerstone of Republican economic policy.The Trump administration quickly filed an appeal notice, setting up what could be a high-stakes legal battle that may ultimately reach the US Supreme Court. The case carries enormous implications, potentially affecting trillions of dollars in global trade flows.Market analysts suggest the court ruling could diminish gold’s traditional safe-haven appeal, as reduced trade tensions typically decrease demand for the precious metal. Twidale noted that while prices could face additional pressure in current trading, underlying trends remain supportive for bargain hunters looking to enter the market.The dollar’s strength following the news added additional downward pressure on gold, which typically moves inversely to the greenback’s performance.The post Gold facing potential downside as Trump tariffs dealt blow appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com