WASHINGTON (dpa-AFX) - Gold bounced back on Thursday, rising more than 1 percent after hitting a one-week low in the previous session.
Spot gold jumped 1.5 percent to $3,337.32 per ounce in European trade while U.S. gold futures were up 1.6 percent at $3,347.30.
The dollar weakened after a brief rebound as trade war fears resurfaced.
U.S.-China trade deal optimism faded after U.S. Treasury Secretary Scott Bessent said there were no plans for President Trump to move first in lowering tariffs to ease Sino-U.S. tensions, echoing comments from White House spokesperson Karoline Leavitt that there will be no unilateral reduction in tariffs against China.
Amid much policy uncertainty, Federal Reserve Bank of Cleveland President Beth Hammack said on Wednesday that this is not a good time to be pre-emptive with monetary policy.
'This is a good time to sit and wait and watch' and gather data to determine what the right course of action will be, she said.
Markets are currently pricing in slightly more than 80 bps worth of Fed rate cuts by December.
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