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Gold Dips As Dollar Firms Up Ahead Of US-China Trade Talks

Gold prices eased on Monday as the dollar firmed up a little bit ahead of minutes from the latest Federal Reserve meeting due this week and trade talks with China scheduled in Washington on Oct. 10-11.

Spot gold declined 0.35 percent to $1,499.36 per ounce, after having risen half a percent last week on growth worries. U.S. gold futures were down 0.55 percent at $1,504.95 per ounce.

U.S. President Donald Trump said on Friday his administration had a "very good chance" of agreeing a trade deal.

On the contrary, the Bloomberg reported, citing people familiar with the discussions that Chinese officials are reluctant to agree to a broad trade deal pursued by U.S. President Donald Trump.

Specifically, Premier Liu He is said to be ruling out commitments to reform Chinese government subsidies or industrial reform.

Meanwhile, growth worries resurfaced after official data showed that German industrial orders fell more than expected in August on weaker domestic demand, underscoring concerns of a looming recession in the country.

Factory orders decreased 0.6 percent sequentially, with demand for capital goods down 1.6 percent, the Economy Ministry said.

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