India, April 29 -- After moving notably lower early in the session, the price of gold regained some ground over the course of the trading day on Tuesday but still closed in the red.
Gold for May delivery fell $14.20 or 0.4 percent to $3,318.80 an ounce after tumbling as much as 1.0 percent to a low of $3,299.90 an ounce.
The price of gold moved back to the downside following yesterday's rebound after reports suggested the Trump administration will reduce auto tariffs on foreign parts to support domestic manufacturers.
"President Trump is building an important partnership with both the domestic automakers and our great American workers," Commerce Secretary Howard Lutnick said in a statement.
The revised approach may lower duties on forei...