Gold prices dropped as positive comments from the U.S. and China about resuming trade talks prompted investors to go for riskier assets such as equities.
Rising bond yields and a strong dollar also contributed to the decline of the precious metal.
While Trump in recent days has toned down his aggressive China trade rhetoric, it has not translated to a retreat from the planned tariff hikes.
The U.S. Federal Reserve and the European Central bank are expected to cut rates next month, while many investors believe the Bank of Japan could also join the fray.
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