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Gold Dips On Improved Risk Appetite

Gold prices fell slightly on Tuesday as hopes for U.S.-China trade deal and dovish comments from Fed Chairman Jerome Powell bolstered investors' appetite for risk.

Spot gold was marginally higher at $1,283.06 per ounce while U.S. gold futures were down 0.45 percent at $1,284.05 per ounce.

The dollar gained ground versus its peers as investors kept an eye on discussions going on between U.S. and China.

U.S. Commerce Secretary Wilbur Ross said on Monday that there's a very good chance that Beijing and Washington could reach a trade deal that "we can live with".

Some analysts, however, remain skeptical over the possibility of a breakthrough.

Meanwhile, there are expectations that the Federal Reserve may not be in a position to hike interest rates at all during 2019 due to the deteriorating global economic outlook.

Fed Chair Powell said last week that the U.S. central bank would be more data dependent and patient with interest rate policy.

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