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2019.09.2306:42:00UTC+00Gold Prices Inch Higher As Growth Worries Resurface

Gold prices inched higher on Monday as Middle East tensions persisted and business activity readings from across the euro zone suggested growth had ground to a halt.

Hopes of any China-U.S. trade war resolution appear to be waning after U.S. President Donald Trump said he didn't need a trade deal with China before the 2020 election.

Spot gold rose 0.15 percent to $1,519.12 per ounce, while U.S. gold futures climbed 0.8 percent to $1,526.55.

U.S. President Donald Trump approved the deployment of additional U.S. troops and air defense assets to Saudi Arabia, following last week's attack on Saudi oil facilities.

Iran's President Hassan Rouhani said that he will present a security plan for the Gulf at the United Nations General Assembly this week to ensure regional stability and to avoid a conflict with the United States and its allies.

Speaking to Fox News Sunday, U.S. Secretary of State Mike Pompeo said the additional troops ordered to be deployed in the Gulf region are for "deterrence and defense."

Pompeo added that he was confident Trump would take action if such deterrence measures fail and that this was well understood by the Iranian leadership.

A U.S.-China trade breakthrough seemed unlikely after a Chinese delegation canceled a planned visit to U.S. farm states.

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