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Gold Futures Pare Early Gains, Settle Slightly Weak

Gold futures failed to hold early gains and ended flat on Friday, even as worries about U.S.-China trade dispute lingered after President Donald Trump said the U.S. is "not going to do business" with Chinese tech giant Huawei.

Profit taking after recent strong gains took some shine off the yellow metal.

The dollar index was down 0.15%, at 97.47, despite coming off the session's low of 97.36.

Gold futures for December ended down $1.00, or about 0.07%, at $1,508.50, off the session's high of $1,521.10.

On Thursday, gold futures for December ended down $10.10, or about 0.7%, at $1,509.50 an ounce. For the week, gold futures gained about 3.5%

Silver futures for September ended down $0.005, at $16.931 an ounce, while Copper futures for September settled at $2.5890 per pound, down $0.0185 from previous close.

Trump said, "And I really made the decision. It's much simpler not doing any business with Huawei. That doesn't mean we won't agree to something if and when we make a trade deal."

He also indicated that he "is not ready" to make a trade deal with China, suggesting the U.S. could skip the next round of trade talks in September.

Earlier, a report in Bloomberg said the Trump administration is holding off on decisions about licenses for U.S. companies to restart business with Huawei following China halting its purchases of U.S. agricultural products.

In U.S. economic news, the Labor Department's report said its producer price index for final demand rose by 0.2% in July after inching up by 0.1% in both May and June. The uptick in prices matched economist estimates.

Meanwhile, the report said core producer prices, which exclude food and energy prices, edged down by 0.1% in July after climbing by 0.3% in June. Economists had expected core prices to rise by 0.2%.

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