Gold on MCX settled down -1.17% at 31010 as disappointed speculators liquidated long positions despite fresh trade skirmishes between the United States and China.
Gold deepened losses after President Donald Trump announced that the United States will implement a 25 percent tariff on $50 billion of goods from China and Beijing quickly said it would hit back with its own tariffs.
There was some support in gold prices after the European Central Bank policy announcement struck a decidedly dovish tone, as expected.
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