Gold Falls 0.3% as ING Strategist Cites Tariff Ruling, 300,000 Ounce Sale
Gold slipped as much as 0.3% after the US Supreme Court ruled that President Trump exceeded his authority imposing reciprocal global tariffs, boosting risk sentiment and weakening the dollar. Russia’s central bank sold 300,000 ounces of bullion in January, prompting ING Bank to warn of near-term volatility despite geopolitical support.
1. US Tariff Ruling Drives Gold Fluctuation
The US Supreme Court ruled that President Trump exceeded authority in imposing reciprocal global tariffs under federal emergency law. The decision weakened the dollar and boosted risk appetite, leading gold to slip as much as 0.3% before rebounding.
2. Russia’s Reserve Sale Adds Pressure
Russia’s central bank sold 300,000 ounces of gold in January, marking the first reduction since October and flooding the market with fresh supply. This move has heightened concerns about near-term price volatility, especially following last month’s historic price plunge.
3. ING Bank’s Cautious Outlook
Ewa Manthey, commodity strategist at ING Bank, warns that while some risk factors restrain further downside, gold support may remain limited with sector-specific tariffs and alternative trade measures still possible. She notes that ongoing geopolitical tensions should underpin prices despite increased volatility.