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Gold prices held firm on Thursday as investors waited for further development of us China trade, while political uncertainty in Washington failed to drive the market in all respects.
Spot gold rose 0.3% to $1479.87 an ounce at 1929 GMT. US gold futures rose 0.4% to close at $1484.40 an ounce.
"The market is waiting for the next driver," said David meger, head of metals trading at high ridge futures
"The market has accepted the fact that this trade agreement will be officially signed, and [the gold price] will not jump in any direction... This expected change will lead to changes in the market," he said
China on Thursday announced a new list of tariff exemptions for six U.S. chemical and petroleum products. A few days ago, two of the world's largest economies announced a temporary trade agreement.
The 17 month long trade dispute has led to a 15 per cent rise in gold prices this year and raised concerns about a global recession.
Gold is often used by investors as a hedge against political and economic uncertainty.
Investors are also keeping a close eye on political progress in Washington, where the Democratic led house of Representatives formally accuses president trump of abusing power and impeding congressional investigations, a historic step that will exacerbate the deeply divided partisan debate across the country.
However, it is widely expected that the Republican controlled Senate will not convict trump and will not allow him to step down.
Among other precious metals, palladium rose 0.6% to $1934 an ounce, but well below Tuesday's record high of $1998.43.
Platinum held steady at $935.43 an ounce, while silver rose 0.6% to $17.10.
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