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Gold Hovers Near Two-week Low

Gold prices dipped on Tuesday to hover near two-week lows as risk sentiment continued improving on the back of U.S.-China trade deal optimism and upbeat trade data from China.

Spot gold slid 0.2 percent to $1,544.66 per ounce, after having fallen to their lowest since Jan.3 at $1,535.63 earlier in the day. U.S. gold futures were down 0.4 percent at $1,545.15.

Investors welcomed signs of a thawing in relations between the United States and China after the U.S. Treasury Department dropped China's designation as a currency manipulator and China pledged to buy nearly an additional $80 billion of U.S. manufactured goods over the next two years.

The phase one U.S.-China trade deal is due to be signed at the White House on Wednesday. U.S. Trade Representative Robert Lighthizer told Fox Business that the Chinese translation of the deal's text was almost done.

On the data front, China's exports rose an annual 7.6 percent in the month, marking the first gain in the country's exports since July 2019 and the fastest growth rate since March 2019, official data showed. At the same time, imports in the month grew 16.3 percent from a year earlier.

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