WASHINGTON (dpa-AFX) - Gold prices inched higher on Tuesday as the dollar edged down towards one-week low amid speculation on the possible outcomes of President-elect Donald Trump's tariff plans.
Spot gold edged up by 0.2 percent to $2,640.82 per ounce in European trade while U.S. gold futures were up 0.2 percent at $2,652.09.
Traders weighed risks to global trade after reports emerged that the incoming Trump administration may explore softer-than-expected tariffs.
Later, U.S. President-elect Donald Trump called reports about him considering scaling back his tariff plans, 'fake news,' adding to the uncertainty.
U.S.-China trade tensions also remained on investors' radar after the United States has placed Tencent Holdings Ltd. and Contemporary Amperex Technology Co. Ltd. on a blacklist due to alleged links to the Chinese military.
Market participants now await more U.S. economic data this week, including the December nonfarm payrolls report on Friday, for additional clues on the Fed's rate trajectory.
The jobs report may show employers tempered hiring to wrap up a year of moderating yet still-healthy labor market.
Fed officials, including Mary Daly and Adriana Kugler, have signaled a cautious approach to rate cuts, aligning with Richmond Fed President Thomas Barkin's restrictive stance to counter inflation risks.
Analysts at Goldman Sachs have cut their gold price forecast of $3,000 an ounce from the end of 2024 to mid-2026, citing slower-than-expected monetary easing by the Federal Reserve.
Trading later in the day may be impacted by reaction to reports on the U.S. trade deficit, service sector activity and job openings.
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