Gold price (XAU/USD) touched a one-and-a-half week low, around the $3,246-3,245 area during the Asian session on Thursday in reaction to the news that a federal court blocked US President Donald Trump's trade tariffs from going into effect.
The ruling led to a sharp bounce in risk trade and weighed heavily on traditional safe-haven assets, which, in turn, is seen as a key factor exerting pressure on the bullion for the fourth consecutive day.
The tariffs-block news comes on top of hawkish FOMC Minutes released on Wednesday, which assists the US Dollar (USD) to attract strong follow-through buying and contributes to driving flows away from the non-yielding Gold price.
That said, the uncertainty surrounding US trade policies and the worsening US fiscal situation keep a lid on the market optimism and the USD, assisting the XAU/USD pair to trim a part of intraday losses
Source: Fxstreet
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