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Gold Little Changed Despite Trade Tensions

Gold prices were flat Monday morning as stocks rebounded despite geopolitical and trade-related tensions.

April gold fell $3.50, or 0.3%, to settle at $1,319.90/oz.

Reports said the U.S. is likely to exit NAFTA, but global markets have reacted relatively well today.

President Trump indicated that the tariffs on steel and aluminum would only be removed if the U.S. negotiates a "new & fair" NAFTA agreement.

"We have large trade deficits with Mexico and Canada. NAFTA, which is under renegotiation right now, has been a bad deal for U.S.A. Massive relocation of companies & jobs. Tariffs on Steel and Aluminum will only come off if new & fair NAFTA agreement is signed," Trump tweeted.

On the U.S. economic front, the Institute for Supply Management released a report showing a slight slowdown in the pace of growth in the service sector in the month of February.

The ISM said its non-manufacturing index edged down to 59.5 in February from 59.9 in January, although a reading above 50 still indicates growth in the service sector. Economists had expected the index to dip to 59.0.

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