Deutsche Bank analysts say the Supreme Court's decision to strike down President Trump's sweeping tariffs should be positive for gold prices, though only marginally so. The ruling, which invalidated Trump's use of the 1977 International Emergency Economic Powers Act to impose tariffs, initially sent gold prices below $5,000 per ounce before recovering.

In a research note, analysts including Michael Hsueh explained that while the scrapping of Trump's tariff authority removes a potential source of fiscal pressure, the impact on gold prices will be limited. The White House is already pursuing alternative legal justifications for tariffs under Section 122 of 1970s trade legislation, which could come close to replicating the previous tariff regime. Spot gold was last trading at $5,164.31 per ounce on Thursday, while U.S. Gold Futures dropped 0.9% to $5,179.40.

The analysts noted that tariff revenue plays a role in offsetting fiscal deterioration from the One Big Beautiful Bill Act, Trump's signature budget legislation that made 2017 tax cuts permanent. They argued that while the tariff decision may lead to larger projected deficits if Congressional approval is needed for Section 122 extensions, the overall impact on gold prices remains limited.