Gold prices dipped on Wednesday as the dollar ticked up, while investors tracked developments surrounding U.S. President Donald Trump's tariff plans, which could spark trade wars and stoke inflation.
Spot gold fell 0.1% to $2,911.38 an ounce by 0723 GMT after shedding more than 2% on Tuesday. U.S. gold futures rose 0.2% to $2,923.40.
The dollar index (.DXY), opens new tab inched higher from an 11-week low, helped by a rebound in short-term Treasury yields. A stronger dollar makes gold more expensive for foreign buyers.
"A correction (in gold prices) towards $2,880 is possible in the next two to three sessions," said Ajay Kedia, director at Mumbai-based Kedia Commodities.
"Long-term outlook remains firm to cross $3,100, supported by trade war concerns, inflation risks, and rising SPDR Gold Trust holdings."
Trump opened yet another front on Tuesday in his assault on global trade norms, ordering a probe into potential new tariffs on copper imports to rebuild U.S. production.
Offering further signs that Americans were growing anxious about the potential negative impact of Trump's policies, U.S. consumer confidence deteriorated at its sharpest pace in 3-1/2 years in February, while 12-month inflation expectations surged.
Source: Reuters
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