Gold prices subdued as dollar extends rally

“Gold prices were muted early Friday as the dollar extended gains from the previous session when strong U.S. inflation data and trade war concerns boosted demand for the greenback” reports Spot gold was down about 0.1 percent at $1,246.11 an ounce at 0050 GMT. U.S. gold futures for August delivery were little changed at $1,246.30 an ounce. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.48 percent to 795.19 tonnes on Thursday.The United States and China could reopen talks on trade but only if Beijing is willing to make significant changes, U.S. Treasury Secretary Steven Mnuchin said on Thursday.Against a basket of six major currencies, the dollar was up 0.1 percent at 94.899.

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