Gold prices dropped on an uptick in financial markets driven by hopes of a thaw in U.S.-China trade tensions.
The United States agreed to delay increasing tariffs on $250 billion worth of Chinese imports until Oct. 15, from Oct. 1 "as a gesture of goodwill".
The number of Americans filing applications for unemployment benefits fell to a five-month low last week, suggesting the labor market remains strong despite slowing job growth
Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, have fallen nearly 2% so far this month.
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