Gold prices were little changed on Wednesday in Asia, still trading below the key $1,300 level, as global stocks recovered from an earlier slump earlier this week amid escalating U.S.-China trade tension.

Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange were down 0.03% at $1,295.95 per ounce by 12:30 AM ET (04:30 GMT).The precious metal broke above $1,300 on Monday, hitting one-month highs, as risk-averse investors took to its safe-haven cover after China imposed higher duties on a range of U.S. goods

But U.S. President Donald Trump’s assuring words on China on Tuesday gave hope that a trade deal between Washington and Beijing was still possible, and that he looked forward to a “very fruitful meeting” at the G20 next month with his Chinese counterpart Xi Jinping.

“You never really know, right?” Trump said. “But I have a feeling it’s going to be very successful.”

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