Rewrites throughout, updates prices for EMEA morning session

By Anushree Mukherjee

May 29 (Reuters) - Gold prices rebounded on Thursday on dip-buying after touching a more than one-week low earlier in the session after a U.S. trade court blocked most of President Donald Trump's tariffs, while the spotlight shifted to key U.S. inflation data later this week.

Spot gold XAU= was up 0.2% at $3,296.63 an ounce, as of 1114 GMT, after hitting its lowest since May 20.

U.S. gold futures GCcv1 were steady at $3,294.60.

The Manhattan-based Court of International Trade ruled that Trump overstepped his authority by imposing across-the-board duties on U.S. trade partners. The White House swiftly appealed the decision and signaled it may take the case to the Supreme Court if necessary.

"There is an element of dip buying... along with ongoing economic uncertainty, especially around U.S. debt and global trade tensions, which continues to support a positive outlook for gold despite recent developments," said Ricardo Evangelista, senior analyst at brokerage firm ActivTrades.

The United States has ordered a broad swathe of companies to stop shipping goods to China without a license and revoked licenses already granted to certain suppliers, said three people familiar with the matter.

"This morning's recovery is also linked to the weakening of the US dollar," Evangelista added. USD/

Gold, considered a safe asset amid geopolitical and economic uncertainties, has hit multiple record highs this year.

Meanwhile, Fed officials at their May 6–7 meeting acknowledged possible "difficult tradeoffs" ahead, with rising inflation and unemployment, and warned about growing recession risks, according to meeting minutes.

Markets now await U.S. GDP data due later in the day, along with core U.S. Personal Consumption Expenditures figures on Friday, for further cues on the Fed's policy path.

"Geopolitical tensions are likely to be complicated by President Trump's trade and foreign policies in 2025, driving haven demand for gold." ANZ said in a note.

Spot silver XAG= rose 1.2% to $33.37 an ounce, platinum XPT= was unchanged at $1,074.77 and palladium XPD= firmed 0.8% to $969.45.

(Reporting by Anushree Mukherjee in Bengaluru; Editing by Varun H K and Shailesh Kuber)

((anushree.ashishMukherjee@thomsonreuters.com;))