SAN FRANCISCO (MarketWatch) — Gold futures lost more ground in electronic trading on Globex Tuesday, pressured by progress in talks to raise the U.S. debt ceiling. President Barack Obama praised a newly unveiled $3.7 trillion U.S. deficit-reduction plan, which could pave the way for a bipartisan agreement. At last check, August gold traded at $1,588 an ounce on Globex, down $13.20 after closing $1.30 lower on the Comex division of the New York Mercantile Exchange.

Originally from MarketWatch