WASHINGTON (dpa-AFX) - Gold prices were moving in a narrow range on Tuesday following a 1.6 percent drop on Monday after U.S. President Donald Trump declared that gold imports would not face additional tariffs.
Spot gold edged up by 0.2 percent to $3,348.94 per ounce in European trade while U.S. gold futures were down 0.2 percent at $3,397.20.
Following days of speculation that gold bars might be subject to country-specific duties, the Trump administration said it would not impose tariffs on gold imports.
The dollar was steady as focus shifted to the U.S. Labour Department's report on U.S. consumer price inflation later in the day that could impact the outlook for interest rates.
The annual rate of price growth is expected to inch up to 2.8 percent in July from 2.7 percent in June.
Core consumer price inflation, which exclude food and energy prices, is expected to increase by 0.3 percent after rising by 0.2 percent in June. The annual rate of growth is seen at 3.0 percent, up from 2.9 percent in June.
Reports on producer price inflation, retail sales and industrial production due later in the week may provide further clues on the Fed's rate trajectory.
CME Group's FedWatch Tool currently indicates an 86.5 percent chance the Federal Reserve will lower interest rates by a quarter point next month.
Meanwhile, amid growing speculation about who will replace Fed Chair Jerome Powell, reports suggest that the Federal Reserve's two vice chairs, Michelle Bowman and Philip Jefferson, and Dallas Fed President Lorie Logan are under consideration to lead the central bank when the position opens next year.
Treasury Secretary Scott Bessent will interview additional candidates in the coming weeks, media reports quoted two administration officials as saying.
In another development, President Trump named EJ Antoni, chief economist of the conservative Heritage Foundation, as the next Commissioner of the Bureau of Labour Statistics (BLS).
In a post on Truth Social, Trump praised Antoni as 'highly respected' and pledged that under his leadership, the bureau's figures would remain 'honest and accurate.
On the geopolitical front, Trump downplayed expectations for the upcoming meeting in Alaska, saying he would confer with Ukraine and European leaders after the sitdown, adding it would be 'really a feel-out meeting.'
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