Gold Moves To The Upside After Two-Day Losing Streak
(RTTNews) - After moving lower over the two previous sessions, the price of gold moved back to the upside during trading on Thursday.
Gold for June delivery climbed $22.20 or 0.6 percent to $3,317.10 an ounce after slumping $70.90 or 2.1 percent over the first two trading days of the week.
The rebound by the price of the precious metal came amid a decrease in the value of the U.S. dollar, with the U.S. dollar index falling by 0.6 percent.
Gold futures also moved higher as traders reacted to news that a federal court blocked U.S. President Donald Trump's "reciprocal tariffs" on imports from U.S. trade partners from going into effect.
The Court Of International Trade ruled Trump overstepped his authority to impose the tariffs by invoking emergency economic powers.
The Trump administration immediately appealed the ruling, which could end up being decided by the U.S. Supreme Court.
The precious metal may have benefitted from its appeal as a safe haven amid lingering uncertainty trade following the ruling.
