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Gold prices experienced a decline of Rs 2,754/10 grams on MCX over the past week, influenced by US-China trade negotiation optimism and a strengthening dollar. Despite initial gains, gold and silver futures settled mixed amid profit-taking and dollar index rebound. Experts anticipate continued volatility, suggesting potential support and resistance levels for both gold and silver on MCX.
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Despite pressure from President Trump to cut interest rates, the Federal Reserve is expected to hold steady, influenced by concerns over inflation and the potential impact of tariffs. Fed officials are wary after past misjudgments on inflation, preferring to wait for more economic data. The Fed's independence is under scrutiny, with criticism over spending and calls for a strategic reset.
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Brent crude futures fell $2.04, or 3.33%, to $59.25 a barrel by 2240 GMT, while U.S. West Texas Intermediate dropped $2.10, or 3.60%, to $56.19 a barrel. Both benchmarks opened Monday at their lowest levels since April 9, reacting to OPEC+s decision to raise oil production for a second consecutive month.
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