Ammon News - Gold prices rose on Wednesday as investors digested data showing an increase in U.S. consumer prices last month and waited for further clarity on U.S. President Donald Trump's trade policy.

Spot gold was up 0.4% at $3,334.12 per ounce, as of 0401 GMT. U.S. gold futures edged 0.1% higher to $3,340.90.

Trump on Saturday threatened to impose a 30% tariff on imports from Mexico and the European Union starting on August 1. However, Trump said on Monday he was open to further negotiations.

U.S. consumer prices increased in June by the most in five months amid higher costs for some goods, suggesting tariffs were starting to have an impact on inflation and potentially keeping the Federal Reserve on the sidelines until September.

Following the data, Trump said that consumer prices were low and the Fed should bring down interest rates now.

Keeping gold's gains in check, the dollar and benchmark U.S. 10-year Treasury yields held near multi-week highs.

Elsewhere, spot silver gained 0.3% to $37.82 per ounce. Platinum rose 0.2% to $1,379.46 and palladium climbed 0.4% to $1,210.66. Reuters