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Gold likely to take out Rs 31,800 level

Global gold prices firmed up on Tuesday as the dollar tested its two-week low on expectations that the US Fed will stay dovish at its policy meeting later this week.

The dollar was on the defensive on Tuesday, weighed down by bets that the Federal Reserve would adopt a more accommodative policy amid concerns of a slower US economic growth, Reuters reported.

Crude oil prices hovered near 2019 highs on supply cuts led by producer club Opec and US sanctions against Iran and Venezuela.

We get you a forecast from Brokerage SMC Global Securities on various commodities.

Bullion: The bullion counter may move sideways with a positive bias. MCX Gold can witness bounceback towards Rs 31,800. Silver can take support near Rs 37,800 and recover towards Rs 38,250.

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