Gold Prices Declined By 0.74 Percent

On Tuesday, spot gold prices declined by 0.74 percent to close at $1250.8 per ounce as the U.S. dollar rebounded from 6-1/2-month lows and investors shrugged off heightened political risk following a deadly suicide attack in Britain.

Gold has been supported by weakening U.S. economic data and troubles facing U.S. President Donald Trump, all of which have weighed on the greenback. Still, Fed fund futures were up, showing a 75 percent chance of an interest rate increase next month, which deterred investors from pushing gold higher.

U.S. President Donald Trump asked lawmakers on Tuesday to cut $3.6 trillion in government spending over the next decade, taking aim at healthcare and food assistance programs for the poor in an austere budget that also boosts the military. On the MCX, gold prices rose marginally by 0.09 percent at Rs.28811 per 10 gms.

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Suhani Verma

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