Gold prices experienced a decline on May 29, 2025, reaching their lowest point in over a week. Spot gold fell 0.6% to $3,271.17 per ounce, while U.S. gold futures dropped 0.8% to $3,268.20. This downturn followed a U.S. federal court decision that blocked President Donald Trump's "reciprocal tariffs," ruling that the president had exceeded his authority by imposing broad tariffs on imports from countries with trade surpluses.

The court's decision weakened gold's appeal as a safe-haven asset, contributing to a stronger U.S. dollar. The U.S. dollar index rallied, and Wall Street futures, along with Asian markets, saw gains. Despite the short-term dip in gold prices, market sentiment remains bullish, with expectations of a weaker dollar and ongoing inflationary pressures supporting gold's long-term outlook. Additionally, minutes from the Federal Reserve's early May meeting highlighted concerns about simultaneous inflation and unemployment risks, further influencing market dynamics.

In other metals, silver rose 0.7% to $33.21 per ounce, while platinum and palladium experienced slight declines. The market now turns its attention to upcoming U.S. GDP and core Personal Consumption Expenditures data for further economic guidance.

Investors are advised to monitor these developments closely, as they could have significant implications for the precious metals market in the coming weeks.