Gold prices deepen losses globally to lose $ 14

Gold prices extended losses on Tuesday, losing $ 14 a barrel as stocks and economic data rose.

The yellow metal was under pressure as US stocks rallied strongly on the back of strong business results.

Economic data showed that US industrial production fell in line with analyst expectations last month, while US home builders' confidence rose to a six-month high.

The gold losses come with optimism about the trade situation between the two largest economies in the world, where the US Treasury Secretary said negotiations between Washington and Beijing have made further progress.

By 2:20 pm GMT, the price of gold futures for June delivery fell 1.1 percent to $ 1277.30 an ounce, after hitting $ 1275.90 earlier in trading, the lowest level since late December.

The spot price of yellow metal fell 1% at $ 1274.85 an ounce, losing $ 13.37.

During that period, the major dollar index, which measures the performance of the currency against six major currencies, stabilized at 96.973.

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