Gold prices rose today as investors increased their purchasing activity, though gains were tempered by a de-escalation in trade tensions between the United States and the European Union.

Market participants are currently awaiting the core Personal Consumption Expenditures report from the U.S. for insights on potential interest rate movements.

As of 02:37 GMT, the price of gold in spot transactions climbed by 0.3% to $3,308.99 per ounce, recovering slightly from a 1% decline in the previous session.

Meanwhile, U.S. gold futures saw a 0.2% increase, reaching $3,308.30.

This upward momentum comes as U.S. President Donald Trump eased his previous threat to impose a 50% tariff on the European Union, postponing the implementation until July 9 to allow for negotiations between the White House and the 27-member bloc.

Tim Waterer, senior market analyst at KCM Trade, noted that the decrease in gold prices below $3,300 attracted some buyers.

Despite this, the broader market sentiment remains optimistic as tensions have diminished between the U.S. and the European Union, which in turn has constrained gold's price ascension at this time.

In the realm of U.S. consumer sentiment, May saw a rebound, ending a five-month streak of decline.

This recovery has been attributed to a temporary truce in the ongoing trade conflict between the U.S. and China.

In the context of other precious metals, silver remained stable at $33.31 per ounce in spot trading.

Platinum saw a rise of 0.4%, reaching $1,084.07, while palladium decreased by 0.2%, settling at $976.22.