Weighed Down By Tariff Uncertainty, Gold Slides

(RTTNews) - The swift changes in successive US court rulings on tariffs and a softer inflation report caused a slide in gold price on Friday.

Front Month Comex Gold for June delivery shed $28.20 (or 0.85%) to $3288.90 per troy ounce from previous session. Gold lost $16.10 per troy ounce (or 0.49%) this month. At this price, Gold is off 3.59% from its 52-week high of $3411.40 hit on May 6, 2025.

Front Month Comex Silver for June delivery lost 39.10 cents (or 1.17%) to $32.892 per troy ounce. Though Silver gained 36.10 cents (or 1.11%) this month, it is off from its 52-week high of $34.897 hit on March 27, 2025.

On the data front, US Bureau of Economic Analysis revealed that the annual Personal Consumption Expenditure (PCE) - the preferred measure of inflation for the Federal Reserve - reached 2.1% in April, down from 2.3% in March, and the lowest in seven months.

Core PCE inflation declined to 2.5%m while U.S. personal income rose by 0.8% month-over-month, exceeding market expectations.

As the tariff policy continues to change on a near-daily basis, analysts are of the view that consumers are exercising caution with their spending preferences. The ICE Dollar Index was last seen up by 0.2 points to 99.29.

U.S. President Donald Trump got a reprieve after a Federal Appeals Court temporarily allowed his imposition of tariffs against countries trading with the U.S. This development comes after a day when a U.S. trade court blocked his tariff moves, calling them unlawful and stating that he exceeded his authority. In the wake of these changes, gold appears to be pulling back off recent highs.