New Delhi: Cutting short the seven-day losing streak, gold prices rebounded by Rs1,200 to Rs98,670 per 10 grams in the national capital on Tuesday due to fresh buying by stockists in line with strong global trends, according to the All India Sarafa Association.The precious metal of 99.9 per cent purity had settled at Rs97,470 per 10 grams on Monday. Gold of 99.5 per cent purity climbed by Rs1,100 to Rs98,150 per 10 grams on Tuesday. It had closed at Rs97,050 per 10 grams in the previous market close.

“A retreat in the US dollar, driven by concerns over the ballooning US fiscal deficit and the market’s focus on President Donald Trump’s proposed tax-cutting and spending bill, has made gold more attractive,” Abans Financial Services’ Chief Executive Officer Chintan Mehta said. President Donald Trump has also threatened new tariffs on Japan ahead of the July 9 deadline for the implementation of reciprocal tariff.