WASHINGTON (dpa-AFX) - Gold prices edged higher on Monday as the dollar stayed under pressure on hopes for Fed rate cuts and investor optimism over global trade negotiations.
Spot gold edged up by 0.3 percent to $3,283.65 per ounce in European trade while U.S. gold futures were up 0.2 percent at $3,294.30.
The dollar wallowed near its lowest in nearly four years against the euro as Senate negotiations continued over President Donald Trump's $4.5 trillion tax-cut package.
The 'big beautiful' spending bill would deliver key parts of the president's domestic agenda while making massive cuts to social welfare programs.
The nonpartisan Congressional Budget Office estimates the measure would add nearly $3.3 trillion to U.S. deficits over a decade.
Investors also eyed progress in global trade negotiations ahead of the impending July 9 deadline for U.S. reciprocal tariffs.
Canada moved to calm tensions after reversing its decision to impose a Digital Service Tax (DST) on American technology companies.
Trump characterized trade in cars between the U.S. and Japan as unfair and floated the idea of keeping 25 percent tariffs on autos in place.
Elsewhere, a new trade agreement between the United States and the United Kingdom that reduces U.S. tariffs on British cars and aircraft parts officially came into effect today.
In economic releases, traders await more U.S. economic data for additional clues to the trajectory of interest rates.
The monthly jobs report is likely to be in focus this week, along with other reports on manufacturing, service sector activity and the U.S. trade deficit.
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