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Gold

Observations

Gold trading range for the day is 60620-61970

Gold dropped as investors digested the fresh CPI report showing that headline inflation in the US unexpectedly slowed last month.

The reading increased bets that the Fed will pause interest rate hikes in June and cut later in the year.

The annual inflation rate in the US unexpectedly edged lower to 4.9% in April 2023, the lowest since April 2021

Indian gold demand in the March quarter fell 17% to the lowest level in 10 quarters and is likely to remain subdued

SELL GOLD Jun 2023 @ 61600 SL 61900 TGT 61150-60900. MCX

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