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Gold settles lower as USD strengthens

Gold settles lower as USD strengthens

Mubasher: Gold prices declined on Tuesday as the dollar continued its upwards trend against major currencies, as well as anticipation for a new trade agreement between the United States and China.

The precious metal gave up earlier gains that were supported by expectations of slower interest rate hikes by the Federal Reserve.

Gold futures for February delivery went down 0.2% to settle at the level of $1,247.20 per ounce.

Data showed an increase in producer price index (PPI) in the United States by 0.1% in November.