Gold On MCX Settled Down -0.23% At 31540 Drifted Lower On Tuesday

Gold on MCX settled down -0.23% at 31540 drifted lower on Tuesday, as the U.S. dollar gained against most of its major rivals amid lingering concerns about U.S.- China trade dispute.

However, prospects of a reduction in U.S. interest rate, weakness in global stocks and concerns about Italy's budget deficit limited the yellow metal's decline.

The dollar index was up more than 0.3% at 97.96. While trade worries continued to weigh on stocks as hopes of a U.S.-China trade agreement suffered a setback after U.S. President Donald Trump said on Monday that he was "not ready to make a deal with China" and it is likely that U.S. tariffs on goods from China "could go up very, very substantially, very easily".

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