Domestic gold prices rise to record highs on Fed pivot, US banking sector woes

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The government-led deal fueled optimism that the worst of the banking sector turmoil might be over, prompting a recovery in risky assets. The dollar index topped 102 levels after the ISM Manufacturing PMI in the US rose to 47.1 in April 2023, along with signs of elevated price pressures, as input costs rebounded in April.

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