Gold Price Today News, Trump Tariff: A federal court on Wednesday struck down President Donald Trump’s reciprocal tariffs, ruling that he exceeded his legal authority. A three-judge panel from the U.S. Court of International Trade determined that Trump overstepped the bounds of the International Emergency Economic Powers Act (IEEPA) in implementing the tariffs. Gold prices opened down and are trading below $3,300, while silver remains positive.
Judges Rule Tariffs Exceeded Presidential Powers
The lawsuit was filed on behalf of five U.S.-based companies dependent on imports. In their decision, the judges stated: “The Worldwide and Retaliatory Tariff Orders exceed any authority granted to the President by IEEPA to regulate importation by means of tariffs.” The panel further noted that the so-called “Trafficking Tariffs” were invalid because they failed to address the national security threats outlined in the original executive orders. Typically, tariff implementation requires congressional approval, but Trump bypassed Congress by declaring a national economic emergency, using it as justification to impose the tariffs unilaterally.
White House Appeals Ruling, Legal Battle Begins
In response to the decision, the Trump administration filed an immediate appeal to the U.S. Court of Appeals for the Federal Circuit, signaling the beginning of what could be a prolonged legal battle — one that may ultimately be decided by the Supreme Court.
Permanent Injunction Halts Tariff Expansion Plans
A recent court ruling blocks President Trump from enforcing the sweeping tariffs he imposed earlier this year on China, Mexico, and Canada—measures he said were aimed at curbing fentanyl trafficking into the U.S. The court granted a permanent injunction, effectively halting these global tariffs before trade agreements with most other countries have been finalized. It also gave a 10-day window for administrative steps to implement the injunction.
Appeal Path May Lead to Supreme Court
Decisions from the Manhattan-based Court of International Trade, which handles cases related to international trade and customs law, can be appealed to the U.S. Court of Appeals for the Federal Circuit in Washington, D.C., and, if necessary, taken up by the U.S. Supreme Court.
Tariff Freeze Would Exempt Key Sectors
If upheld on appeal or by the Supreme Court, the ruling would freeze the majority—but not all—of Trump’s tariff policies. Specifically, it suspends the 30% tariffs on Chinese imports, 25% tariffs on select goods from Mexico and Canada, and the 10% universal tariff on most imports. However, it does not affect the 25% tariffs on automobiles, auto parts, steel, and aluminum, which were imposed under Section 232 of the Trade Expansion Act—a different legal basis than the one used for the broader tariff measures.
White House Justifies Actions as National Emergency
A White House spokesperson on Wednesday defended the administration’s actions, stating that U.S. trade deficits with other nations represent “a national emergency that has decimated American communities, left our workers behind, and weakened our defense industrial base — facts that the court did not dispute.” “It is not for unelected judges to decide how to properly address a national emergency,” said spokesperson Kush Desai in a statement.
Timeline of Trump’s Tariff Orders
Trump initially announced the sweeping reciprocal tariffs on April 2, targeting a wide range of imports from countries around the globe. Just a week later, on April 9, he issued a 90-day suspension of the measures, though he left in place a 10% baseline tariff on most imported goods.
Trade Court’s Role in Federal Judiciary
The U.S. Court of International Trade, established by Congress as part of the federal judiciary, is tasked with handling specialized disputes related to trade, including tariffs. Its decisions follow the same appellate path as those from federal district courts—first to a federal appeals court, and potentially to the U.S. Supreme Court. Like other federal judges, its members are appointed by the sitting president.
Market Reaction to Court’s Ruling
Financial markets reacted positively to the ruling. The U.S. dollar rallied sharply, gaining ground against major currencies including the euro, yen, and Swiss franc. Wall Street futures climbed, and equities across Asian markets also saw broad gains.
Legal Setback to Trump’s Economic Strategy
If upheld, the ruling delivers a major setback to Trump’s strategy of leveraging steep tariffs to extract concessions from trading partners, bring manufacturing jobs back to the U.S., and reduce the $1.2 trillion goods trade deficit—central pillars of his economic agenda and campaign promises.
Gold and Silver Prices Extend Decline
Gold and silver extended their fall in the international markets amid easing safe-haven buying due to strength in the dollar index and U.S. equity markets. The U.S. Fed shows confidence in the U.S. economy in its meeting minutes released on Wednesday. The U.S. Fed Chairman said that economic activity and job markets remain strong but shows concern about inflation and he denies for immediate policy intervention. The U.S. President said on Wednesday, for another round of talks with Iran on nuclear deal and also said to Israeli Prime Minister for hold off strike on Iran. Fading chances of interest rate cuts and easing tensions in the middle-east could push gold and silver prices lower.
Outlook by Manoj Kumar Jain of Prithvi Finmart
We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geo-political tensions and ahead of the key U.S. economic data; gold prices could hold its support level of $3,200 per troy ounce and silver prices could also hold $31.80 per troy ounce levels on a weekly closing basis. Gold has support at $3288-3264, while resistance at $3344-3368 per troy ounce and silver has support at $32.80-32.55, while resistance is at $33.45-33.70 per troy ounce in today’s session. At MCX, gold is having support at ₹94,660-₹94,200 and resistance at ₹95,700-₹96,100 while silver is having support at ₹96,650-₹96,000 and resistance at ₹98,000-₹98,850.
Currency Market View by Jain
As per the daily technical chart a pair is having support at 85.3000-85.0500 while resistance is placed at 85.8000-86.0800. A pair is trading above its support level of 85.4700 and expected to trade in the range of 84.2000-86.5500 this week.
Technical Outlook from Kedia Commodity
Technically, the market saw short covering, as open interest dropped significantly by 40.13% to 4,022 contracts. Gold finds support at ₹94,900, with further downside potential to ₹94,520. On the upside, resistance is seen at ₹95,760, and a break above could lead to a test of ₹96,240. Technically, silver is witnessing fresh selling pressure with a 2.95% rise in open interest to 18,485, while prices slipped ₹220. Immediate support lies at ₹96,845, below which it may test ₹96,435. Resistance is pegged at ₹97,925, with a break potentially pushing prices to ₹98,595.
Today Big Data and Expectations
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Big Events of the Week – May 26 to May 31, 2025
Monday, May 26, 2025
US Market Holiday – Memorial Day
12:10 AM – US: Fed Chair Powell Speech
06:50 PM – EA: ECB President Lagarde Speech
Tuesday, May 27, 2025
07:30 PM – US: CB Consumer Confidence (May)
Wednesday, May 28, 2025
05:30 AM – US: Fed Williams Speech
07:30 PM – US: Richmond Fed Manufacturing Index (May)
11:30 PM – US: FOMC Minutes
Thursday, May 29, 2025
06:00 PM – US: GDP Growth Rate QoQ 2nd Est (Q1)
06:00 PM – US: Initial Jobless Claims
06:00 PM – US: Core PCE Prices QoQ 2nd Est (Q1)
Friday, May 30, 2025
01:30 AM – US: Fed Daly Speech
06:00 PM – US: Core PCE Price Index MoM (Apr)
06:00 PM – US: Personal Income MoM (Apr)
07:30 PM – US: Michigan Consumer Sentiment Final (May)
09:50 PM – US: Fed Bostic Speech
Saturday, May 31, 2025
05:00 AM – US: Fed Goolsbee Speech
Other Key Events
– Trump Statement
– Russia–Ukraine Tension
– Middle East Tension
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Disclaimer:
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here.
