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Yashika Diwan

Gold prices slipped on Wednesday in Asia even as stocks declined after the International Monetary Fund (IMF) downgraded its economic outlook and puts growth forecast at the lowest levels since 2009.

Gold futures traded on the Comex division of the New York Mercantile Exchange were down 0.1% to $1,306.65 an ounce by 11:10 PM ET (03:10 GMT).

Asian equities and other risk assets fell on Wednesday after the IMF said the global economy should grow by only 3.3% this year, down from the 3.5% forecast back in January.

The safe-haven gold, which usually moves in directions opposite to stocks, also fell today.

The IMF has already cut its forecast twice in the past six months.

“Higher trade policy uncertainty and concerns of escalation and retaliation would reduce business investment, disrupt supply chains, and slow productivity growth,” said the fund. “The resulting depressed outlook for corporate profitability could dent financial market sentiment and further dampen growth.”

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