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Gold Rates are decreasing due to rainfall | Munipalli akshay paul |

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Gold - a fresh record high Performance   After consolidating in the $2470-$2530 range for nearly three weeks, spot gold rallied to a fresh record high of $2555 on Thursday. The metal rallied to breach the crucial resistance of previous all-time high at $2532 on a slight pickup in the US jobless claims, prior PPI data getting revised lower and the European Central Bank cutting rates by 25 bps. Spot gold was trading with a gain of 1.59 per cent at $2551 at the time of writing this article. MCX October gold contract at Rs 72,794 was up 1.21 per cent. Data round up US Initial jobless claims came in at 230K Vs the forecast of 226K, while the previous data was revised higher by 1k. PPI (August) rose 0.2 per cent M-o-M versus the forecast of 0.1 per cent, core PPI was up 0.3 per cent M-o-M versus the estimate of 0.2 per cent. PPI Y-o-Y data were in line with the estimates. PPI (July) data were revised lower across the board, which boosted the possibility of Fed rate cuts. Central Ban...

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