Bullion counter may remain sideways as geopolitical tensions between North Korea and US coupled with weaker greenback can support the prices higher. Meanwhile movement of local currency rupee can give further direction to the prices. Gold can move in range of 30100-30400 while silver can move in range of 41000-41800 in near term. Gold was up for a fifth day on Wednesday as geopolitical risks over North Korea remained elevated, and as low U.S. inflation concerns left some Federal Reserve officials backing delays in further interest rate hikes.
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A top North Korean diplomat on Tuesday warned that his country is ready to send "more gift packages" to the United States as world powers struggled for a response to Pyongyang's latest nuclear weapons test. New orders for U.S. -made goods recorded their biggest drop in nearly three years in July, but demand for capital goods was stronger than previously reported, pointing to a faster pace of business spending early in the third quarter .