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Gold Extends Losses As Risk Appetite Improves

Gold prices fell on Friday to extend losses from the previous session as hopes of a possible breakthrough in the U.S.-China trade dispute continued to weigh on the commodity's safe-haven status.

Stronger U.S. economic data released overnight and expectations that more monetary stimulus is on the way are other reasons for the precious metal's latest pullback.

Spot gold declined 0.75 percent to $1,507.88 per ounce, after registering its biggest single-day percentage loss in nearly three years on Thursday. U.S. gold futures were down 0.6 percent at $1,516.45 an ounce.

China and the United States on Thursday agreed to hold high-level talks in early October in Washington, though no date has been set for the meeting.

The last round of talks in July in Shanghai ended with no indication of progress.

Asian stock markets ended broadly higher today after overnight data showed that U.S. services sector activity accelerated in August and private employers boosted hiring, helping ease investor worries over slowing growth.

European stocks are moving higher and the Dow futures traded a little higher as well after China's central bank proposed to cut the reserve requirement ratio for financial institutions by 50 basis points from Sept. 16 in the latest effort to inject liquidity into an economy facing headwinds to growth.

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