WASHINGTON (dpa-AFX) - Gold prices rose on Tuesday to hover near a three-week high as the dollar index pulled back from a multi-week high ahead of key U.S. inflation readings due this week, which will give investors a better sense of how the Trump tariffs already in effect are being felt throughout the economy.
Persistent trade-related uncertainties and U.S. President Donald Trump's ultimatum to Russia with clear deadlines and potential consequences for refusing to end the war with Ukraine also lent support to the safe-haven precious metal.
Spot gold rose half a percent to $3,361.13 per ounce in European trade while U.S. gold futures for August delivery were up 0.3 percent at $3,368.80.
The dollar edged lower but remained near a three-week high ahead of U.S. June CPI data that could provide clues on the path for monetary policy.
The inflation rate likely accelerated for the second consecutive month to 2.7 percent, the highest level since February, up from 2.4 percent in May.
Fed Chair Jerome Powell may come under increasing pressure to cut rates if the impact is minimal and inflation trends lower.
Under fire for cost overruns, the Federal Reserve has brought in its inspector general to review a building expansion, according to media reports.
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