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Gold falls to the lowest level in 3 months and recorded the largest week of losses in 3 years

UNITED STATES (OBSERVATORY NEWS) — Gold prices fell on Friday to their lowest level in three months and recorded the biggest weekly loss in three years as the attractiveness of the precious metal as a safe investment vehicle from the positive developments in trade talks between the United States and China.

Spot gold fell 0.4 percent to $ 1,461.66 an ounce late in the session, ending the week down 3.5 percent, the biggest weekly loss since November 2016. Earlier in the session, the yellow metal fell to $ 1,455.80, its lowest level since Aug. 5.

US gold futures fell 0.2 percent to settle at $ 1,462.90 an ounce.

A White House spokeswoman said tariffs on Chinese goods could be abolished if a US-China trade agreement were reached.

The dollar hit a three-week high against a basket of major currencies.

Among other precious metals, spot silver fell 1.6 percent to $ 16.83 an ounce after touching its lowest level since Aug. 13, the biggest weekly drop since October 2016.

Platinum fell 2.2 percent to $ 888.77 an ounce and ended the week with a loss of around 6 percent, the biggest weekly drop since November 2015.

Palladium fell 3.2 percent to $ 1,744.65 an ounce after touching a two-week low and recorded its first weekly loss in five weeks.

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