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Gold Subdued Ahead Of US Jobs Data

Gold prices were subdued on Friday after China said it would waive import tariffs for some soybeans and pork shipments from the United States.

The tariff waivers were based on applications by individual firms for U.S. soybeans and pork imports, the finance ministry said in a statement, but didn't not specify the quantities involved.

Spot gold was marginally lower at $1,474.80 an ounce, while U.S. gold futures were down 0.25 percent at $1,479.55.

The waiver of 25 percent tariffs on both times comes two weeks before a critical decision on the fate of the December 15 tariff increases.

On Thursday, U.S. President Donald Trump said that trade talks with China were "moving right along", and that the two sides are having very major discussions".

Asked whether he will go ahead with additional tariffs in less than two weeks, Trump said, "We're not discussing that."

Meanwhile, U.S. Treasury Secretary Steven Mnuchin told reporters that trade talks with China are on track, but the United States is not bound to a deadline.

The dollar nursed losses ahead of the U.S. jobs data for November expected later today and the euro held steady, while the British pound slipped from a seven-month high hit Thursday on expectations that next week's election will give the Conservative Party the parliamentary majority it needs to deliver Brexit.

Economists expect U.S. employment to increase by 180,000 jobs in November after an increase of 128,000 jobs in October. The jobless rate is expected to hold at 3.6 percent.

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