WASHINGTON (dpa-AFX) - Gold prices fell sharply on Thursday as investors shifted focus to upcoming U.S. inflation data, which could shed more light on the outlook for interest rates.
Spot gold fell almost 1 percent to $2,886.15 per ounce in European trade while U.S. gold futures were down 1.1 percent at $2,898.34.
A firmer dollar and higher Treasury yields weighed on prices, offsetting concerns over U.S. trade tariffs on Europe, Canada, and Mexico.
U.S. President Donald Trump has threatened to slap 25 percent tariff on imports from the European Union and indicated that the effective date of the levies on imports from Mexico and Canada could be pushed back from March 4th to April 2nd, the same day he purportedly plans to announce reciprocal tariffs on other U.S. trade partners.
The European Commission shot back that the European Union is 'the world's largest free market' and has been 'a boon for the United States'.
A planned meeting between European Union foreign policy chief Kaja Kallas and U.S. Secretary of State Marco Rubio was abruptly cancelled Wednesday due to 'scheduling issues.'
It 'seems that the Trump administration doesn't miss a chance to show that for them the EU is not a player,' an EU diplomat commented on the cancelled meeting.
U.S. reports on jobless claims, durable goods orders and pending home sales may attract attention later in the day ahead of key economic data releases, including GDP growth figures and the Core PCE Price Index, the Federal Reserve's preferred inflation gauge, later in the week.
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