Gold slips below $3,300 amid US court ruling and Fed outlook
|Gold prices edged lower in early Thursday trading, extending the negative momentum of the past three sessions. The precious metal came under renewed pressure as investor risk appetite returned following a decision by a US federal court to block President Trump's so-called "Liberation Day" tariffs. The ruling spurred gains across equity markets and weighed on demand for haven assets such as gold. Adding to the downward pressure, the latest minutes from the Federal Open Market Committee (FOMC), released on Wednesday, reaffirmed the US central bank's data-dependent approach. With policymakers offering no clear signals regarding the timing of a potential interest rate cut, the US dollar strengthened, creating additional headwinds for bullion. As a result, gold slipped below the psychologically important $3,300 level. However, persistent uncertainties surrounding global trade, a fragile economic outlook, and ongoing geopolitical tensions are likely to provide some support to the precious metal. These factors may help gold recover and reclaim levels above $3,300 in the near term.
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