Chris Prentice and Samuel Indyk

NEW YORK/LONDON (Reuters) - Global stocks received a major Wall Street index on Wednesday, with the dollar steadily falling after recent losses as trade tensions between the world’s two largest economies eased.

Gold prices fell to more than a month as the safety attraction of the dim gold bars on the Fed's trade day off.

Investors raised higher global stocks in respirators Wednesday as tariff quarrels between China and the United States appeared to ease, and the prospect of a global trade war.

"It's all about changing appetite for risk," said Lars Skovgaard, senior investment strategist at Danske Bank.

He added: "It's hard for me to see us going back to this extreme political noise."

MSCI's global stock scale rose 2.04 points, or 0.23%, to 873.24.

On Wall Street, the S&P 500 rose 6.03 points, or 0.10%, to 5,892.58, and the Nasdaq composite rose 136.72 points, or 0.72%, to 19,146.81.

The Dow Jones industrial average fell 89.37 points, or 0.21%, to 42,051.06.

Europe's STOXX 600 index is below 0.24%, the first loss in five meetings.

Overexpected U.S. consumer inflation has also eased investors worried about the inflationary impact of U.S. tariffs, which severely undermined expectations for the Fed's recent tax cut, data showed on Tuesday.

While traders expect inflation to increase as tariffs rise in import costs, uncertainty about the outlook remains as Washington moves forward to reach strike deals with trading partners.

“U.S. tariffs on Chinese goods are still much higher than they were a few months ago,” said Wei He, an economist in China in Weikal.

“There is still a lot of uncertainty in the outlook.”

Assess the impact of tariffs

The Fed warned that rising economic uncertainty suggests it is ready to wait to assess the impact of U.S. tariffs before lowering interest rates. Fed Chairman Jerome Powell is scheduled to speak on Thursday.

Fed Vice Chairman Philip Jefferson said in a speech Wednesday that the recent inflation data points continue to develop to meet the Fed's 2% inflation target, but is uncertain as new import taxes will drive higher prices.

The dollar suffered a beating behind economic and policy uncertainty, adding 0.14% to the currency, including the yen and the euro.

Global asset managers took the largest underweight position in 19 years in May for 19 years, the Bank of America Global Fund Managers Survey (FMS) showed on Tuesday.