Gold rally on weaker dollar may not last long; resistance seen at Rs 60100-60600

Banks are seeing their concerns recede, but the risk of deposit outflows to money market funds could still slow lending, putting the economy at risk. There is no negative banking news and the perceived end of the Federal Reserve’s tightening cycle has improved risk appetite, reducing financial stress. With an absence of negative banking news, gold prices will rely on US yields and the dollar index movements, which is a bearish consensus, leading to prices eventually dropping towards interim support levels.

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