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Gold surged to a new record high of around $3735 per ounce on Tuesday, driven by a weakening US dollar ahead of the Federal Reserve's crucial two-day policy meeting. MCX October gold futures also climbed to ₹110530 per 10 grams. Markets are almost certain the Fed will cut rates by 25bps this week, the first reduction since December, with expectations of a prolonged easing cycle. All eyes are now on the Fed's economic projections and Chair Powell's press conference for future guidance. Today's US retail sales and industrial production data will further shape market sentiment.

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