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2019.05.0907:35:00UTC+00Gold Prices Rise Ahead Of US-China Trade Talks

Gold prices rose modestly on Thursday, as markets nervously await the start of two-day trade talks in Washington later in the day to see if a last-minute deal is struck to avoid further tariffs.

Spot gold rose 0.3 percent to $1,284.41 per ounce while U.S. gold futures were up 0.3 percent at $1,284.95 per ounce.

Safe-haven demand for government bonds and Japanese yen limited gains for the safe-haven metal.

Despite U.S. President Donald Trump escalating his rhetoric against China and Beijing vowing retaliation, there is still hope that there could be a deal between the world's two largest economies.

After senior U.S. officials accused China of backtracking on its pledges in talks to end the trade war, China warned it would not "capitulate to any pressure.

Washington has accused Beijing of backtracking on its pledges in trade negotiations, but insisted a trade deal is still possible.

The United States will raise tariffs on $US200 billion of Chinese goods to 25 percent from 10 percent on Friday unless there are signs of progress in trade negotiations.

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