Gold prices extended their decline for a fourth consecutive session on Thursday, weighed down by a stronger U.S. dollar following a significant legal setback to former President Donald Trump’s global tariff strategy. The U.S. Court of International Trade ruled that the majority of tariffs imposed under Trump’s administration were unlawful, reducing trade war anxieties and bolstering investor risk appetite.
At 7:45 AM IST, spot gold was down 0.76% at $3,263.99 per ounce, slipping by nearly 25 points for the day. The metal traded in a range of $3,245.52 to $3,294.53 during the session, continuing its bearish momentum after a cumulative 2% loss over the previous three trading days.
The court’s decision has led to a firmer dollar, making gold more expensive for holders of other currencies and thus dampening demand. With safe-haven flows now receding in response to easing geopolitical and trade-related tensions, gold has struggled to maintain its previous highs.
Adding to the uncertainty, the Trump administration has filed an appeal against the ruling, keeping markets alert to further developments. However, in the short term, the ruling has clearly shifted sentiment in favor of riskier assets, diminishing the allure of the precious metal.
Gold had touched a 52-week high of $3,500.33 earlier this year, but the current pullback brings it closer to the lower end of its yearly range, which sits at $2,286.77.
