WASHINGTON (dpa-AFX) - Gold prices edged higher on Monday as the dollar made a subdued start to the week following new sanctions on Russia by the EU and amid lingering tariff-related worries.
Spot gold rose half a percent to $3,365.71 per ounce in European trade, while U.S. gold futures for August delivery were up 0.4 percent at $3,372.81.
The dollar slipped ahead of a busy week of U.S. earnings, housing market and durable goods orders data, and comments from central bankers, including Federal Reserve Chairman Jerome Powell and Governor Michelle Bowman at a banking conference.
Investors assessed the latest developments on the trade front, with U.S. Commerce Secretary Howard Lutnick calling Aug. 1 the 'hard deadline' for countries to start paying tariffs, adding that 'nothing stops countries from talking to us after August 1.'
He also said the U.S.-EU trade deal is coming soon. After delaying retaliatory tariffs against the U.S., European Union envoys will meet again this week to formulate a plan for measures to respond to a possible no-deal scenario.
The Wall Street Journal reported that EU member states are pressing the European Commission to prepare countermeasures, including tariffs on U.S. goods, restrictions on digital services, and limits on public procurement access.
Meanwhile, the European Central Bank meets this week, with the central bank expected to hold interest rates for the first time in almost a year amid lingering concerns over the potential impact of higher U.S. tariffs on the eurozone economy.
The U.S. Federal Reserve's policy meeting is scheduled for July 29-30. Last week, Federal Reserve governor Christopher Waller said he still believed that the U.S. central bank should cut rates at the end of this month to counter rising growth and job market risks.
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