Gold prices edged higher on Thursday as concerns persisted over U.S. President Donald Trump's tariff plans, while investors awaited a key inflation report to assess the Federal Reserve's policy path.

Spot gold was up 0.1% at $2,918.22 an ounce, as of 0018 GMT.

U.S. gold futures rose 0.1% to $2,932.30.

Trump on Wednesday raised hopes for another month-long pause on steep new tariffs on imports from Mexico and Canada, saying they could take effect on April 2, and floated a 25% "reciprocal" tariff on European cars and other goods.

Since taking office on January 20, Trump has imposed an additional 10% tariff on Chinese imports and 25% duties on steel and aluminium.

Several Federal Reserve officials are due to speak later in the day for more insights on monetary-policy easing this year amid Trump tariffs uncertainty.

Markets will next look to the Personal Consumption Expenditures (PCE) index, the Fed's preferred inflation measure, due on Friday, for further confirmation of the central bank's rate path.

The consensus forecast was for a PCE monthly index of 0.3%, unchanged from December, according to a Reuters poll, while the core number is seen rising 0.3%, up from 0.2% in December.

Bullion is seen as a safeguard against political risks and inflation, but higher interest rates dampen the non-yielding asset's appeal.

Spot silver rose 0.1% to $31.87 an ounce, platinum fell 0.1% to $965.10 and palladium eased 0.1% to $925.95.

Source: Reuters