India, June 26 -- Gold ticked higher on Thursday as the dollar weakened after reports that U.S. President Donald Trump was considering replacing Federal Reserve Chair Jerome Powell as early as September or October.

Spot gold edged up by 0.3 percent to $3,340.49 per ounce in European trade while U.S. gold futures were up 0.3 percent at $3,352.65.

The U.S dollar weakened to a three-year low as concerns grow about the U.S. economy and the U.S. Federal Reserve's independence.

Frustrated at the slow pace of interest rate cuts, Trump is thinking of replacing Fed Chair Jerome Powell before the November elections, reports say.

During a press conference at the Hague, Trump said he has three or four people in mind to succeed Powell when his term ...