Gold, silver prices slump, set for biggest weekly fall in over two years
Optimism about US-China trade deal has dented gold prices
In India, the decline in gold prices were capped due to depreciation of the rupee
In global markets, spot gold prices fell 0.1% to $1,465.97 per ounce and were poised for their biggest weekly fall - 3% - since May 2017. In the previous session, gold prices dropped 2% to their lowest in more than a month. Analysts attributed the recent price drop to optimism over a China-US trade deal which has boosted risk-on sentiment. China and the US have agreed to roll back tariffs on each others' goods if the first phase of a trade deal is reached between the countries, officials of both the countries said on Thursday.
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