WASHINGTON (dpa-AFX) - Gold climbed to a fresh 11-week high on Wednesday, buoyed by a weaker dollar and uncertainty surrounding U.S. President Donald Trump's trade policies.
Spot gold rose by 0.3 percent to $2,753.14 per ounce in European trade while U.S. gold futures were up 0.4 percent at $2,768.91.
A weaker dollar made bullion less expensive for buyers in other currencies, boosting its appeal.
The dollar shed some ground amid bets the Federal Reserve will cut interest rates sooner and faster than expected this year.
Investors also assessed the possible consequences of U.S. President Donald Trump's trade and tariff policies in his second term.
On Tuesday, Trump said that his team was discussing a 10 percent tariff on China from February 1 to curb the flow of deadly drug fentanyl that is being sent from China to the U.S. via Mexico and Canada.
Trump also vowed to hit the European Union with tariffs after earlier announcing that he plans to impose 25 percent tariffs on imports from Canada and Mexico with effect from February 1.
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