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Gold prices plummeted from yesterday's first gains as the US dollar rallied against the Chinese yuan as forecasts for the world's second-largest economy were bleak.
Gold fell 0.3% to 1227.61 dollars an ounce). Earlier in the session, the yellow metal reached $ 1235.16, its highest level in more than a week, supported by positive trade negotiations between the United States and the European Union. Gold US futures futures for August delivery fell 0.3% to $ 1227.70 an ounce
The yuan fell 0.6% to $ 6.7910 per dollar . A frenetic trade dispute between China and the United States, signs of an economic slowdown and Beijing's measures to ease monetary conditions have had a negative impact on the yuan's outlook.
The weakening of Chinese markets underscores lingering concerns about global growth prospects. Spot money fell 0.4 percent to $ 15.50 an ounce, having hit its highest since July 17 at $ 15.67 an ounce.
Palladium fell 0.5 percent to $ 934.50 an ounce. Palladium reached its highest level in over a week at 941.10 in the previous session
Platinum fell 0.5% to $ 836.10 an ounce.
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