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Gold Prices Ease As Dollar Rises On Trade Deal Hopes

Gold prices eased for a second session on Tuesday and the dollar traded higher, thanks to renewed optimism over U.S.-China trade talks.

Spot gold slid 0.35 percent to $1,504.46 per ounce, while U.S. gold futures were down 0.3 percent at $1,506.25 per ounce.

Investor sentiment received a boost after the Financial Times reported that the U.S. is considering dropping tariffs on $112 billion of Chinese imports.

According to Bloomberg, U.S. President Donald Trump is eager to sign the trade agreement somewhere in the U.S. after Chile cancelled the Asia-Pacific Economic Cooperation summit due to local unrest.

Trump and Chinese President Xi Jinping are expected to meet in the U.S. soon to sign the first phase of a trade deal between the world's two largest economies.

The deal will include a U.S. pledge to scrap planned tariffs on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys

The U.S. dollar was close to its highest in almost a week against a basket of rivals after recent data suggested the outlook for the world's largest economy is not as bad as some had feared.

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