WASHINGTON (dpa-AFX) - Gold prices rebounded from one-week lows on Wednesday as the potential new U.S. tariffs on copper imports and weak U.S. economic data released overnight added to economic concerns.
A firmer dollar helped cap overall gains after the U.S. House of Representatives advanced President Donald Trump's tax-cut agenda calling for dep cuts in safety-net programs such as Medicaid.
Spot gold was little changed at $2,915.51 per ounce in European trade, while U.S. gold futures were up 0.3 percent at $2,928.21.
Weak U.S. economic data released on Tuesday added to uncertainty over Trump administration policies.
Data showed consumer confidence deteriorated in February at its fastest pace in three-and-a-half years and average 12-month inflation expectations surged, stirring fresh concerns about the state of the world's largest economy.
The readings fueled bets on more Federal Reserve rate cuts this year. Markets currently expect that the Fed will resume cutting interest rates in June and could reduce short-term borrowing costs again in September.
On the tariff front, Trump has signed an executive order to investigate how copper imports threaten America's national security and economic stability.
Analysts said the move could lead to the imposition of new tariffs on the metal used to produce aircraft, vehicles, ships and other military hardware.
In another significant development, the United States and Ukraine have agreed on the terms of a draft minerals deal amid ongoing talks to end the Ukraine-Russia war.
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