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Gold Market Reacts: Prices Drop on US-UK Deal While China Boosts Import Quotas

Gold prices fell on Thursday, dropping 0.4% to $3,352.63 an ounce, as President Trump’s announcement of a comprehensive trade deal with Britain eased market tensions. The deal, which Trump described as one that will “cement the relationship” between the two nations, reduced investor interest in gold as a safe-haven asset. Markets are also watching upcoming U.S.-China trade talks in Switzerland.

In other developments, China’s central bank has approved foreign exchange purchases for gold imports under increased quotas, which analyst Han Tan says should support bullion demand. Additionally, escalating tensions between India and Pakistan, with Pakistan reporting it shot down 12 Indian drones, could potentially increase safe-haven demand for gold, according to Ole Hansen of Saxo Bank.

Original Source: CNBC

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