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* Dollar hits more than one-week high
* Gold breaks below $1,400 per ounce
* SPDR Gold holdings fall 0.2% on Friday
* Platinum off from six-week highs (Recasts, updates prices)
July 1 (Reuters) - Gold prices fell as much as 2% on Monday as the dollar rallied after the United States and China agreed to restart trade talks, improving investor appetite for riskier assets, taking the fizz out of market's recent rally.
Spot gold was down 1.4% at $1,389 per ounce as of 1017 GMT, after falling to its lowest since June 20 at $1,381.51.
U.S. gold futures dipped 1.5% to $1,392.
"The news that the U.S. and China agreed to restart trade talks helped some of the risk sentiment in the market. The dollar and bond yields are higher this morning. That's forced some long liquidation and profit-taking in the market," said Saxo Bank analyst Ole Hansen.
The United States and China agreed on Saturday to resume trade negotiations after President Donald Trump offered concessions to his Chinese counterpart Xi Jinping when the two met at the sidelines of the G20 summit in Japan.
The dollar index jumped to a more than one-week high, making non-interest bearing gold more expensive for holders of other currencies.
"We are still bullish on gold. The amount of negative yield around globe is still very high. There is no major shift in the future direction of rate U.S. Federal Reserve rate cuts and there are concerns about global growth," Hansen said, adding the real breakthrough in trade talks was yet to come.
No deadline was set for a trade deal and much damage has already been done, with two surveys of Chinese manufacturing showing activity contracting.
Gold prices hit a six-year high last week at $1,438.63 an ounce, driven by dovish outlook from major central banks and escalation of tensions between the United States and Iran.
While gold has pared about $50 dollars since then, some analysts see it as a healthy correction and an opportunity to buy.
"We do not expect gold to fall significantly further. In our view, it is above all the upcoming European Central Bank and Fed rate cuts, and the political risks, that argue against any pronounced and lasting price slide," Commerzbank analysts said in a note.
Meanwhile, holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.22% on Friday. Holdings had still risen nearly 7% in June as of last week.
Among other precious metals, silver fell 0.4% to $15.25 per ounce and palladium rose 0.8% at $1,550.75.
Platinum was up 0.2% to $835 an ounce, falling from a six-week peak touched in the previous session. (Reporting by Nallur Sethuraman in Bengaluru. Editing by Jane Merriman)