(Bloomberg) — Gold ( GC=F ) edged higher after a two-day decline, as the market remained in wait-and-see mode in spite of data showing improving economic sentiment and signs of progress in trade talks.

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Bullion traded near $3,309 an ounce — following a 1.3% loss on Tuesday — as US consumer confidence rebounded sharply in May from near a five-year low, signaling a more positive outlook for the economy and labor market. The dollar rose after the print, making gold more expensive for most buyers.

Investors also weighed improving trade relations between Washington and Brussels, with US President Donald Trump saying he was encouraged the bloc is expediting negotiations, just days after threatening 50% levies.

Gold has climbed by more than a quarter so far this year, though prices are currently trading about $200 below an all-time-high set last month. Still, lingering risks continue to keep markets on edge and reinforce gold’s haven appeal. Investors are monitoring the swelling US deficit, uncertainty over global trade relations, and geopolitical tensions in Ukraine and the Middle East.

Looking ahead, investors are gearing up for the Federal Reserve’s preferred inflation measure, the US personal consumption expenditures price index excluding food and energy, which will be released Friday.

Spot gold was up 0.3% to $3,311.47 an ounce as of 8:07 a.m. in London. The Bloomberg Dollar Spot Index was steady, after gaining 0.5% on Tuesday. Silver ( SI=F ) was little changed, while platinum ( PL=F ) and palladium ( PA=F ) rose.

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