WASHINGTON (dpa-AFX) - Gold prices edged higher on Wednesday while the dollar weakened as markets assessed the outcome of high-level U.S.-China talks and awaited key U.S. inflation readings for additional clues on the Federal Reserve's rate trajectory.
Spot gold climbed 0.6 percent to $3,340.95 per ounce in European trade while U.S. gold futures were up half a percent at $3,361.31.
The dollar index slipped as top U.S. and Chinese officials agreed on a 'framework' to move forward on trade, which first need to be approved by leaders in Washington and Beijing.
The framework reportedly targets lifting China's restrictions on rare earth mineral exports in exchange for the U.S. easing certain export curbs, especially on semiconductors.
In another development, a federal court said that U.S. President Donald Trump's 'liberation day' tariffs can remain in effect while the legal battle over them rages.
The focus now turns to the highly anticipated May's U.S. consumer inflation report due later in the day.
Economists expect the headline CPI to have grown 2.4 percent from a year earlier. A hot report may fuel inflationary concerns and dent Fed rate cut hopes.
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