International News
US court rules Trump’s recently imposed tariffs are illegal
A United States court has once again ruled against most of President Donald Trump’s recently imposed tariffs. This is the second such decision in four months.
The US Court of Appeals for the Federal Circuit, in a 7-4 ruling, declared that the law Trump used—the International Emergency Economic Powers Act (IEEPA)—does not give the president the authority to impose tariffs on imports. Instead, the court stated that this power lies only with Congress.
The judges explained that the Constitution gives Congress the exclusive right to impose taxes and tariffs. If Congress chooses to share that power, it must do so clearly. According to the court, allowing the president to levy tariffs without Congress would break from long-standing American traditions.
The ruling will take effect on October 14, unless Trump appeals to the Supreme Court, which he has already promised to do. In response, Trump wrote on his social media platform, Truth Social, that the court’s decision was wrong and politically motivated. He warned that removing tariffs would be disastrous for the United States.
Since April, Trump has imposed tariffs ranging from 10% to 50% on many countries, including India, the world’s largest diamond manufacturer. These tariffs have disrupted global trade, and industry groups are lobbying the administration to exempt diamonds from the duties.
The National Retail Federation (NRF) also reacted to the court’s ruling. The group said that the ongoing conflict between the courts, Congress, and the administration is hurting retailers. Tariffs, they argued, increase costs throughout the supply chain and lead to higher prices for American consumers. The NRF expressed hope that the Supreme Court will resolve the issue quickly to bring stability to businesses and the economy.
International News
MCX Gold, Silver Rise Despite Global Weakness; US Data, Iran Tensions Keep Bullion Markets On Edge
While Domestic Gold and Silver Prices Edged Higher On MCX, International Spot Gold Slipped Amid Uncertainty Over US-Iran Negotiations, Inflation Concerns
Gold and silver prices witnessed mixed momentum on May 28, with domestic futures on the Multi Commodity Exchange (MCX) trading marginally higher even as international spot gold prices remained under pressure. The divergence reflects cautious investor sentiment amid ongoing geopolitical tensions, uncertainty surrounding US-Iran peace negotiations, and expectations of tighter monetary policy in the United States.
MCX gold futures for June delivery rose modestly by Rs. 215 to Rs. 1,57,898 per 10 grams, while silver futures for July delivery gained Rs. 2,000 to trade at Rs. 2,72,628 per kilogram in early trade. The domestic uptick was supported by weakness in the US dollar and cautious positioning ahead of key macroeconomic developments.
However, global spot gold prices extended losses for a second consecutive session as investors remained wary of the inflationary impact of elevated energy prices and the possibility of prolonged geopolitical instability in the Middle East. Analysts noted that fading hopes of a near-term diplomatic breakthrough between the US and Iran have revived concerns around oil supply disruptions, higher crude prices, and inflation risks — factors that continue to influence precious metals.
According to market experts, gold has struggled to regain strong upside momentum despite its safe-haven appeal, as rising US bond yields and a firmer dollar have reduced investor appetite for non-yielding assets like bullion. Silver, meanwhile, remained under pressure globally after recent military developments in southern Iran weakened expectations of an immediate resolution to regional tensions.
Investors are now closely watching key US macroeconomic indicators, including ADP employment figures, GDP growth data, and the Personal Consumption Expenditures (PCE) inflation index — the Federal Reserve’s preferred inflation gauge. These data points are expected to offer fresh direction on the Fed’s interest rate trajectory, which remains a crucial driver for gold and silver prices.
With geopolitical risks still elevated and inflation concerns persisting, bullion markets are expected to remain volatile in the near term as traders await clearer signals on both diplomacy and monetary policy.
-
DiamondBuzz52 minutes agoDE BEERS GROUP Introduces Desert Diamonds Icons
-
ShowBuzz3 hours agoJCK Las Vegas 2026: Luxury Show Opens To Strong Buyer Traffic and Robust Sales
-
DiamondBuzz3 hours agoGIA Acquires 30% Shareholding In Diamond Provenance Blockchain Platform Tracr
-
National News4 hours agoGold Exchange Schemes See Surge In Demand
JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.