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Gold prices dropped on Wednesday, pressured by a firmer dollar and a de-escalation in trade tensions between the United States and its trading partners, while investors awaited key U.S. data for cues on the Federal Reserve's rate outlook.

Spot gold was down 0.2% at $3,308.32 an ounce, as of 0242 GMT. U.S. gold futures lost 0.5% to $3,317.50.

The dollar edged 0.1% higher against a basket of currencies, making bullion more expensive for overseas buyers.

There's been a minor recovery in the broad dollar strength, which led to a little bit of retracement in gold, said Nicholas Frappell, global head of institutional markets, ABC Refinery. [USD/]

U.S. President Donald Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday with a mix of credits and relief from other levies on materials.

Trump's trade team also touted its first deal with a foreign trading partner, developments that eased investor worries about his erratic trade policies.

China has waived the 125% tariff on ethane imports from the U.S. imposed earlier this month, two sources with knowledge of the matter said on Tuesday.

Bullion, a safeguard against political and financial turmoil, last soared to a record high of $3,500.05 per ounce on April 22 due to global economic uncertainties.

Market participants will scan economic data including U.S. personal consumption expenditures, due later in the day, and non-farm payrolls report on Friday to further gauge the impact of the latest tariffs on Fed's interest rate outlook.

"The PCE data is expected to show further moderation in prices and keep the door open for further Fed cuts. If we get an upside surprise, then those odds may diminish and that could weigh on gold prices," Capital.com's financial market analyst Kyle Rodda said.

Traders currently see around 97 basis points worth of rate cuts by 2025-end.

Spot silver fell 0.1% to $32.93 an ounce, platinum fell 0.6% to $971.90 and palladium lost 0.3% to $931.84.

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