WASHINGTON (dpa-AFX) - Gold rebounded on Thursday after drifting lower for two consecutive sessions to near a two-week low, triggered by some profit-taking action.
Spot gold rose 0.6 percent to $4,124.27 an ounce in European trade despite the continued strength of the dollar in international markets. U.S. gold futures were up 1.8 percent at $4,138.76.
The rebound comes in the wake of a flare up in trade and geopolitical tensions.
Media reports suggest that the Trump administration is considering a plan to curb a dizzying array of software-powered exports to China, stoking fresh trade tensions.
Elsewhere, U.S. President Donald Trump imposed Ukraine-related sanctions on Russia for the first time in his second term.
Trump slapped 'tremendous' new sanctions on Russia's two largest oil companies in a bid to pressure his Russian counterpart, Vladimir Putin, into ending the war in Ukraine.
'Treasury will continue to use its authorities in support of a peace process,' according to an official statement from the U.S. Treasury.
In another related development, EU countries today formally adopted a 19th package of sanctions against Russia for its war against Ukraine that includes a ban on Russian liquefied natural gas imports.
'It's a significant package that targets main Russian revenue streams through new energy, financial, and trade measures,' the Danish rotating presidency of the EU said.
In economic news, traders eagerly await the delayed release of U.S. consumer inflation data on Friday for clues on the Fed's rate trajectory.
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