Gold prices drop after US court rules against Trump tariffs

Gold prices dropped to a weekly low today after US Court of International Trade in Manhattan ruled against tariffs imposed by US President Donald Trump.

Spot gold price down by 0.74%

At 9:25 a.m. Indian time, 29^th May, 2025, spot gold price was down by 0.74% to $3,277.01 per ounce. 1 ounce equals 28.3 grams. Gold futures are also down by 0.1%.

Gold prices dropped today because the Court’s ruling has somewhat decreased trade risk and uncertainty. Gold is a safe haven asset. Its price tends to go up when risk and uncertainty increase. It tends to go down when risk and uncertainty decrease.

Power to impose tariffs rests with the US Congress

The court in its decision ruled that the power to impose tariffs rests with the US Congress and not with the US President. The economic emergency that President Trump has imposed also does not give him the power to impose tariffs without the approval of the US Congress, the court said.

Disclaimer : This article is for informational purpose only. It does not make any recommendation to act or invest.