India, June 16 -- Partially offsetting the two consecutive sessions of gains, gold prices have edged lower on Tuesday despite a decline in crude oil prices due to the prospects of reopening of the Strait of Hormuz as economists dismissed any chances of a rate cut by the U.S. Federal Reserve in tomorrow's announcement. In addition, traders resorted to book profits from the two consecutive sessions of gains of more than around 5%.
Front Month Comex Gold for August month delivery has inched lower by $4.10 (or 0.09%) to $4,347.50 per troy ounce.
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