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Gold was down on Thursday morning in Asia, giving up some of its earlier gains even amid the mounting tensions between the U.S. and China.
Investors turned to the safe-haven yellow metal on Wednesday after the U.S. suspended flights into the U.S. by Chinese airlines with effect from June 16. The move came after China earlier barred American carriers from re-entering China.
Tensions between the two countries have flared up since China approved national security laws for Hong Kong and Macau at the end of May.
Gold futures were down by 0.08% at $1,703.40 by 12:40 AM ET (5:40 AM GMT), after tumbling over 2% during the previous session.
Stocks, which usually move in the opposite direction to gold, were mixed on Thursday.
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Oil prices fell on Thursday, reversing gains in the previous session, on concerns that supply will rise if major producers are unable to agree to extend the depth of output cuts that have supported recent gains.
Brent crude (LCOc1) futures fell 1%, or 41 cents, to $39.38 a barrel as of 0157 GMT.
U.S. West Texas Intermediate (WTI) crude (CLc1) futures fell 1.6%, or 61 cents, to $36.68 a barrel.
Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support extending into July the 9.7 million barrels per day (bpd) in supply cuts backed in April by the OPEC+ group, comprised of the Organization of the Petroleum Exporting Countries and other major producers.
However, they failed to agree on holding an OPEC+ meeting on Thursday to discuss the cuts, with OPEC sources saying it would be conditional on countries that have not complied with their targets deepening their cuts.