WASHINGTON (dpa-AFX) - Gold headed for a weekly loss on Friday while the dollar ticked higher ahead of a key U.S. inflation reading that may provide further insight into the Federal Reserve's policy trajectory.
Spot gold fell 0.6 percent to $3,297.42 per ounce in European trade while U.S. gold futures were down 0.8 percent at $3,318.59.
The dollar index ticked up after an U.S. Appeals court temporarily halted lower court's decision of tariff injunction, giving the court time to review legal arguments and filings.
The Trump administration must submit its briefings by June 9, after which the court will determine the next step.
The White House is confident that they will manage to keep tariffs in any way. 'You can assume that even if we lose [in court], we will do it [tariffs] another way,' Reuters quoted Washington trade negotiator Peter Navarro as saying.
On the data front, markets look forward to the U.S. PCE inflation data later in the day for additional clues on the Fed's policy path.
U.S. President Donald Trump called Federal Reserve Chair Jerome Powell to the White House on Thursday and told the central bank chief he was making a 'mistake' by not lowering interest rates.
'Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook,' the Fed said in a statement after the meeting.
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