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Gold Prices Lose Momentum After Hitting One-Month High

Gold prices traded lower on Tuesday in Asia after hitting a one-month high the previous day.

Gold Futures traded on the Comex division of the New York Mercantile Exchange was down $5.05, or 0.4%, at $1,323.95 per ounce by 1:40 AM ET (05:40 GMT).

The fall in gold prices today came as stock markets and other risky assets recovered from a tumble on Monday.

The precious metal received support the previous day after the spreads between U.S. three-month and 10-year Treasury yields modestly inverted and sparked fears of a potential U.S. recession. It got to as high as $1,330.75 during the day.

Gold is widely known as a safe-haven asset that usually moves in the opposite direction of riskier assets, such as stocks.

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