On Thursday, gold price rebounded from its weekly low of $3,245 and rose above $3,300, benefiting from a weaker jobs report in the United States. The market also celebrated a US court decision that blocked President Donald Trump’s tariffs. At the moment, XAU/USD is trading at $3,318 with a 0.94% gain. The US Department of Labor’s latest report showed that the number of Americans filing for unemployment claims was higher than expected and the previous week’s report. This puts pressure on the Federal Reserve to ease policies as the risk of unemployment increases. This, combined with the confirmation of a decline in the US Gross Domestic Product in the first quarter of 2025, caused the US Dollar to decline, boosting the demand for gold. Late on Wednesday, Bloomberg reported that the US Court of International Trade ruled that the Trump administration had wrongly used a 1977 law to impose tariffs, making them illegal. This decision released Mexico, Canada, and China from previous tariffs related to border security and fentanyl trafficking. However, tariffs on aluminum, autos, and steel remain intact. The Trump administration plans to appeal the ruling, and Goldman Sachs predicts that tariffs will still be applied through other legal means. This news caused global stocks to rally while gold prices dropped to a weekly low. The US Dollar Index, which measures the strength of the US Dollar against other currencies, reached a weekly high of 100.54. However, it later fell to 99.32, a 0.50% drop. This week, traders are keeping an eye on the release of the Core Personal Consumption Expenditures Price Index, a preferred measure of inflation for the Federal Reserve. Gold prices have continued to rise, and as of writing, they are close to the May 28 daily high of $3,325. If XAU/USD can close above that level, it could potentially reach $3,350 next, followed by $3,400 and $3,438. If prices drop below $3,300, support can be found at $3,250 and $3,217, the 50-day Simple Moving Average.