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US President Donald Trump will announce at 1800 GMT whether Washington will withdraw from a deal that eased economic sanctions on Iran in exchange for Tehran limiting its nuclear programme.
A decision to leave the accord could raise risk aversion in the broader markets, helping gold, seen as a safe asset that holds its value in times of geopolitical turmoil.
Still, gold has been under pressure over the last three weeks with the dollar having rallied around 4.5 percent. A strong dollar makes dollar-priced gold costlier for non-US investors.