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* Gold trading range for the day is 32762-33270.
* Gold prices gained as political tensions in the Middle East and weak economic data from China and the United States pushed it above $1,350.
* The Federal Reserve will likely cut interest rates this year but not nearly as aggressively as investors expect.
* Physical gold discounts in India widened to their biggest in five months this week as an upsurge in local prices dampened purchases.
* Gold production in Russia for the first four months of this year rose to 78.29 tonnes from 70.67 tonnes in the same period a year earlier, Russia's finance ministry said.
BUY GOLD AUG 2019 @ 32950 SL 32800 TGT 33100-33250.MCX
* Silver trading range for the day is 36797-37397.
* Silver dropped as prices pared gains after economic data gave a solid reading on the economy, dampening hopes for a looser monetary policy from the Federal Reserve.
* Earlier prices rallied as renewed trade tensions, underwhelming Chinese industrial output data dented investors' appetite for risk.
* Recent soft U.S. economic readings have also boosted expectations of a Fed rate cut.
* U.S. retail sales increased in May and sales for the prior month were also revised higher, providing a more upbeat reading of consumer spending.
BUY SILVER JUL 2019 @ 37000 SL 36800 TGT 37350-37550.MCX
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