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Gold prices edged higher on Wednesday as the U.S. dollar slipped to its lowest level in 2025 on concerns over rising tariffs in the U.S.
It is feared that U.S. President Trump's "tariffs on steroids" agenda may keep inflation higher and could tip the global economy into recession.
The dollar's weakness also comes amid reports that global funds are moving out of U.S. assets and into European markets due to expected military spending and attractive valuations.
Spot gold edged up by 0.1 percent to $2,921.37 per ounce in European trade while U.S. gold futures rose by 0.3 percent to $2,928.41.
The dollar hit a three-month low as German leaders agreed to loosen the country's so-called debt brake and China ramped up stimulus to guard its economy from changes 'unseen in a century.'
Investors were also reacting to comments from U.S. Commerce Secretary Howard Lutnick that President Trump will "probably" announce a deal to reduce tariffs on Canada and Mexico.
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