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Gold Prices Steady After US Tariff Hike

Gold prices held steady on Friday amid mounting trade tensions after the U.S. hiked tariffs on more than $200 billion in goods from China and Beijing vowed to retaliate.

Spot gold edged up 0.1 percent to $1,285.45 per ounce while U.S. gold futures were largely unchanged at $1,285.95 an ounce.

After the first day of bilateral trade talks failed to produce a breakthrough, talks would continue for a second day in Washington today.

A rift over trade between the United States and China could deepen if the two sides fail to reach a deal.

Equity markets shrugged off the U.S. tariff increase on Chinese goods as investors believe that eventually a deal would be reached.

Strong economic data from Germany and the U.K. also helped ease growth worries to extent.

Official data showed that Germany's exports rebounded at the fastest pace in three months in March, defying expectations for further decline.

Britain's economy got a sharp one-off boost in the first three months of 2019, boosted by companies stockpiling ahead of Brexit, another report showed.

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