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GOLD

Gold trading range for the day is 50238-51238.

Gold prices dropped weighed down by a stronger dollar and remarks from Fed Chair Powell about the central bank's commitment to tame price pressures.

Fed is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn.

The number of Americans filing new claims for unemployment benefits edged down last week as labor market conditions remained tight

Manufacturing growth is slowing worldwide as China's COVID-19 curbs and Russia's invasion of Ukraine disrupt supply chains and keep inflation at the highest in years

BUY GOLD AUG 2022 @ 50500 SL 50300 TGT 50800-51000.MCX

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