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On MCX, silver March was also trading down by Rs 140 at Rs 68,689 per kg.
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Globally, the yellow metal remains range-bound as caution continues ahead of the US Fed's decision on a change in the preferred rate, according to Reuters.
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Spot gold was down 0.1% at $1,925.09 on the outlook. US gold fell 0.3% to $1,940.50.
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In addition, the weakness in the Chicago PMI number and the House Price Index added to concerns of a recession in the economy.
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US CB consumer confidence fell to 107.10 against a previous reading of 109.
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And apart from this, fall in 10-year bond yield and fall in dollar index also supported the rally in gold.
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There is also a possibility of a positive trend in gold prices amid expectations of a slowdown in an aggressive Fed interest rate regime.
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Besides, forecast of disappointing ISM manufacturing numbers and weakening labor market could support prices.
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Meanwhile, major attention turns to the FOMC statement. MCX silver is also likely to move towards the key target area of 69,500.