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2018.03.0902:11:00UTC+00Gold Drops on Stronger Dollar Amid Hopes for Easing U.S.-N.Korea Tensions

Gold prices extended losses into a third session on Friday as the dollar firmed versus the yen on hopes of easing tensions between the United States and North Korea and ahead of U.S. non-farm payroll data later in the day.

U.S. President Donald Trump said on Thursday he was prepared to meet North Korean leader Kim Jong Un for the first U.S.-North Korea summit, marking a potentially dramatic breakthrough in nuclear tensions with Pyongyang.

Against the yen, the dollar climbed 0.4 percent to 106.66 yen, pulling from a low of 105.24 yen on March 2, the greenback's weakest level since November 2016.

Spot gold fell 0.3 percent to $1,317.41 per ounce and was poised to post its third weekly decline.

U.S. gold futures were down 0.3 percent at $1,318.1.

In other precious metals, silver dropped 0.5 percent to $16.41 per ounce. Platinum lost 0.6 percent at $946.50 per ounce, while palladium fell 0.3 percent to $974 per ounce.

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