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Gold prices eased on Thursday from a near three-month peak, as the dollar gained, while investors awaited further direction from US President Donald Trump’s administration regarding trade policies.

Spot gold eased 0.1% to $2,751.87 per ounce by 0307 GMT.

Prices rose to $2,763.43 on Wednesday, their highest since Oct. 31 when they hit a record high of $2,790.15. US gold futures shed 0.3% to $2,761.70.

“It’s just a technical pullback because the dollar has been taking back on $108 level, triggering some profit-booking, but the undertone for gold is expected to be positive,” said Ajay Kedia, director at Kedia Commodities in Mumbai.

Trump has mooted levies of around 25% on Mexico and Canada and 10% tariff on China from Feb. 1. He also promised duties on European imports, without elaborating further.

“How Trump’s policies impact gold is whether the combination of tax cuts, deregulation, tariffs, and deportation will amount to a strong inflationary push,” said Ilya Spivak, head of global macro at Tastylive.

“If so, Fed rate cuts will be limited and gold is likely to struggle.”

The Federal Reserve is meeting next week against a backdrop of continued economic growth and declining inflation, but faces uncertainties from Trump’s proposed policies that analysts see as inflationary.

The US central bank is expected to hold its benchmark interest rate steady at its next policy meeting on Jan. 28-29.

Higher interest rates dampen the appeal of non-yielding gold.

European Central Bank policymakers lined up behind further rate cuts on Wednesday, indicating that next week’s reduction is all but a done deal.

Gold climbs to 11-week peak on Trump policy jitters, soft dollar

According to Reuters technical analyst Wang Tao, gold might have to face resistance at $2,759, which could trigger a correction.

Spot silver dropped 0.5% to $30.63 per ounce, while platinum shed 0.5% to $941.50. Palladium steadied at $977.34.

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