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Gold Drifts Lower After Trump's State Of The Union Speech

Gold prices were flat to slightly lower on Wednesday after U.S. President Donald Trump's State of the Union address failed to offer fresh evidence of progress in the U.S.-China trade talks.

Ahead of a fresh round of negotiations in Beijing next week, Trump said a new trade deal must include real structural change to end unfair trade practices, reduce chronic trade deficit and protect American jobs.

The U.S. will likely increase tariffs on $200 billion worth of Chinese imports to 25 percent from 10 percent if the two sides cannot reach a deal by the March 1 deadline.

Trump used his second State of the Union address to call for bipartisanship and unity but at the same time vowed to build a controversial wall along the U.S.-Mexico border, raising the prospect of another government shutdown.

Spot gold edged down 0.14 percent to $1,313.44 per ounce after rising 0.3 percent the previous day. U.S. gold futures were also down about 0.1 percent at $1,317.35 an ounce.

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