WASHINGTON (dpa-AFX) - Gold prices inched higher on Wednesday as the dollar pulled back slightly, and U.S. Treasury yields retreated after rising in the previous session.
Spot gold rose half a percent to $3,340.15 per ounce in European trade while U.S. gold futures for August delivery were up 0.3 percent at $3,347.60.
The dollar eased slightly after rising on Tuesday as June U.S. CPI data showed early signs of tariff-linked inflation.
Data showed U.S. CPI increased 0.3 percent sequentially in June, putting the annual inflation rate at 2.7 percent and matching consensus estimates.
The so-called core CPI grew 0.2 percent month over month and 2.9 percent year-on-year.
June's producer price inflation report will be in the spotlight later today after the CPI report suggested tariffs were starting to have on impact on prices.
Fed commentary will also be in focus, with Richmond Fed President Thomas Barkin and Fed Governor Michael Barr scheduled to speak.
Meanwhile, after striking a trade deal with Indonesia, U.S. President Donald Trump announced potential tariffs on imported pharmaceuticals by month's end, followed by semiconductor levies.
Trump on Tuesday said Indonesia will buy 50 Boeing jets, energy and farm goods worth billions.
In return, Indonesian exports will face a 19 percent tariff and the United States would not pay any tariffs on its goods.
Trump also said that a trade agreement with Vietnam was nearly complete and that the United States is close to getting full trade access to India.
The Wall Street Journal reported that the European Union is preparing a second list of U.S. products, including aircraft, machinery and wines worth around $77 billion, that would face retaliatory duties if the bloc doesn't reach a deal by Trump's Aug. 1 deadline.
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