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Gold Prices Ease In Lackluster Trade

Gold prices eased on Tuesday, but held near one-month high amid an escalation in the Sino-U.S. trade dispute.

Spot gold slipped 0.15 percent to $1,297.86 an ounce, after hitting as high as $1,303.26, its highest level since April 11. U.S. gold futures were down 0.2 percent at $1,298.65 an ounce.

Asian stocks ended mostly lower today after China announced tariffs on about $60 billion worth of U.S. goods in retaliation for the U.S. decision to raise tariffs on about $200 billion worth of Chinese imports.

The office of U.S. Trade Representative is taking necessary steps to raise duties of up to 25 percent on a further $300 billion worth of imports from China, with a public hearing likely on June 17, followed by at least a week of discussions, leading up to the G-20 summit.

European markets, however, are trading higher after both the U.S. and China struck a conciliatory tone on trade talks.

Speaking at a White House dinner on Monday, U.S. President Donald Trump said that he was optimistic about resolving the U.S. trade dispute with China.

"He just got back from China. We'll let you know in about three or four weeks whether or not it was successful ... but I have a feeling it's going to be very successful," Trump said, referring to U.S. Treasury Secretary Steven Mnuchin's recent trade talks in Beijing.

Chinese government's top diplomat, State Councillor Wang Yi, also struck a more upbeat tone, noting there was still hope to resolve the issue in a friendly way.

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