Gold continues to decline with the American judiciary to stop customs definitions

Gold prices continued to decline for the fourth day, with markets absorbing the decision of the American Commerce Court to stop the implementation of President Donald Trump’s policy on mutual customs duties.

The precious metal fell 1.1% today, Thursday, to about 3260 dollars per ounce, adding to losses of 2% the previous three sessions, after the Commercial Court ruled that most of the fees imposed by Trump illegal, which strengthened the strength of the dollar, and leading the dollar to make gold more expensive for the majority of buyers around the world.

The Trump administration submitted a notice by the appeal of the ruling that stops the work of most customs duties, and it is expected that the US Supreme Court will eventually decide on this issue, which may affect trillion dollars from world trade.

Analysts said that the decision, which represents a major blow to the basic pillar of the Republic’s economic agenda, may weaken the attractiveness of gold as a safe haven, as the chief market analyst at AT Global Markets indicated Nick Todal that “the decision may lead to more pressure on gold next sessions with the decline in safe trading,” adding that prices may continue to decline in the current session before you find some support, and he continued “The long -term trend is still existing, so some buyers looking for attractive deals are likely to appear today.”

Envolia’s profits

In another context, the strong profits of “Invidia” announced yesterday, Wednesday, to accelerate the return of the appetite for risk in Wall Street, which also constituted additional pressure on gold.

These positive results came after the issuance of US consumer confidence data earlier in the week, which showed a strong recovery amid optimism about the improvement of the trade relations of America and a number of its partners.

The US Commercial Court’s decision is the latest development in a series of fluctuations caused by Trump’s escalation agenda regarding customs duties, which prompted investors to resort to gold as a traditional safe haven.

Although prices are currently trading less than $ 240 from the highest historical level in its amount last month, the precious metal is still high by more than 25% since the beginning of the year, thanks to the purchases of central banks as well.

By 10:00 am in Singapore, the instant gold price fell 0.7% to $ 3264 an ounce. While the Bloomberg’s immediate index of the dollar increased 0.3%, and the prices of silver and platinum decreased, while no change occurred in palladium.