Gold rose as the dollar gave up short-lived gains on a court ruling against President Donald Trump’s global tariffs agenda. Bullion rose as much as 1.3% — erasing losses made during the US currency’s brief bounce — as a weaker greenback makes the precious metal more attractive for many buyers in other countries.

Gold futures closed higher, reversing losses early in the session following reports that the U.S. Court of International Trade deemed most of President Trump's tariffs illegal.

Gold prices fell nearly 1% on Monday after U.S. President Donald Trump dropped his threat to impose 50% tariffs on goods from the European Union from June 1, reducing demand for the safe-haven asset.