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Gold Edges Lower As Dollar Gains

Gold prices edged lower on Tuesday and the dollar held near three-week highs as a drop in market volatility ramped up demand for riskier assets.

Spot gold dropped 0.15 percent to $1,272.96 per barrel while U.S. gold futures were down 0.25 percent at $1,274.35 an ounce.

Risk sentiment has been modestly positive as financial markets resumed trading after a long Easter weekend.

Asian markets closed mostly higher, though Chinese and Hong Kong markets bucked the trend to end lower on concerns that the Chinese government may slow down monetary easing.

After China's GDP expanded at a steady 6.4 percent pace in the first quarter, defying expectations for a further slowdown, investors now have a reason to worry that Beijing will slow the pace of further policy easing.

European stocks started the day on a mixed note, while U.S. stock average futures point to a flat opening later in the day as investors await a slew of earnings reports for directional cues.

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