WASHINGTON (dpa-AFX) - Gold prices inched higher on Friday and were set for a seventh consecutive weekly gain amid concerns of a global trade war.
Spot gold edged up by 0.3 percent to $2,937.65 per ounce in European trade, while U.S. gold futures were up 0.6 percent at $2,961.81.
The dollar index slipped to a two and half week low and was set for a weekly decline of about 1 percent amid growing optimism about a Russia-Ukraine peace deal and a delay in possible reciprocal U.S. tariffs.
U.S. President Donald Trump has signed a Presidential memo on reciprocal tariffs for more balanced trade, with Howard Lutnick, Trump's Commerce Secretary nominee, saying he anticipates the investigation will be complete by April 1.
It is then up to Trump to decide, as of April 2, when to enact any of the new recommended tariffs, he said.
The delay eased panic in markets but there's still considerable uncertainty over the Trump administration's policies on trade, tariffs and broader foreign policy.
Meanwhile, Thursday's U.S. PPI report eased some concerns about inflation in the world's largest economy.
Data showed U.S. producer prices increased solidly in January, but components of the Federal Reserve's preferred inflation reading were relatively tame, adding to hopes the PCE reading may be cooler than currently expected.
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