MTECHTIPS;- Gold Prices Slump as Trade Tensions Ease

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MTECHTIPS;- Gold Prices Slump as Trade Tensions Ease

MTECHTIPS-Gold prices fell on Thursday as risk appetite recovered amid investor bets that recent tariff announcements by the U.S. and China are negotiating tactics and the countries will ultimately reach a compromise. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange fell $10.20 or 0.75% to $1,330.00 a troy ounce by 03:30 AM ET (07:30 AM GMT). Prices of the precious metal had rallied to a one-week high on Wednesday after China announced a fresh wave of tariffs on U.S. imports, in retaliation to a Trump administration plan to impose tariffs on Chinese products. Worries that protectionist trade policies might result in a full blown trade war boosted safe haven demand for gold, amid fears over the impact on the global economy and U.S. growth. But trade tensions eased after President Donald Trump’s economic adviser Larry  said late Wednesday that proposed tariffs on China may not actually take effect and added that there is not a trade war between the U.S. and China