Gold prices dipped as the dollar rebounded on Thursday, after bullion hit two-week highs earlier in the session on Federal Reserve Chair Jerome Powell’s indications that a September interest rate cut might be considered.

Fed Chair Jerome Powell said on Wednesday rates could be cut as soon as September, putting the central bank near the end of a more than two-year battle against inflation.

Disclosure
Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, MCX, NCDEX,
and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository
Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI
registered Portfolio Manager and Research Analyst. GCML includes subsidiaries, group and associate
companies, promoters, directors, employees and affiliates.
AY Securities and Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap
Limited are subsidiaries of GCML. AtoZ Finstock Private Limited, A to Z Consultants Private Limited, A
to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private
Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic
Private Limited, Price ponder Private Limited, Lakshya Impex Private Limited and Launchpad Fintech
Private Limited are associates of GCML.
This report has been prepared by GCML and published in accordance with the provisions of Regulation
19 of the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, for use by the
recipient as information only and is not for general circulation or public distribution. This report is not to
be altered, transmitted, reproduced, copied, redistributed, uploaded, published or made available to others,
in any form, in whole or in part, for any purpose without prior written permission from GCML. The
projections and the forecasts described in this report are based on estimates and assumptions and are
inherently subject to significant uncertainties and contingencies. Projections and forecasts are necessarily
speculative in nature, and it can be expected that one or more of the estimates on which the projections
are forecasts were based may not materialize or may vary significantly from actual results and such
variations will likely increase over the period of time. This report should not be construed as an offer to
sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this report
nor anything contained therein shall form the basis of or be relied upon in connection with any contract or
commitment whatsoever. It does not constitute a personal recommendation or take into account the
particular investment objective, financial situation or needs of any individual in particular. The research
analysts of GCML have adhered to the code of conduct under Regulation 24 (2) of the Securities and
Exchange Board of India (Research Analysts) Regulations, 2014. The recipients of this report must make
their own investment decisions, based on their own investment objectives, financial situation or needs and
other factors. The recipients should consider and independently evaluate whether it is suitable for its/ his/
her/their particular circumstances and if necessary, seek professional / financial advice as there is
substantial risk of loss. GCML does not take any responsibility thereof.
Any such recipient shall be responsible for conducting his/her/its/their own investigation and analysis of
the information contained or referred to in this report and of evaluating the merits and risks involved in
securities forming the subject matter of this report. The price and value of the investment referred to in
this report and income from them may go up as well as down, and investors may realize profit/loss on
their investments. Past performance is not a guide for future performance. Actual results may differ
materially from those set forth in the projection.
This report has been prepared by GCML based on the information available in the public domain and
other public sources believed to be reliable. Though utmost care has been taken to ensure its accuracy and
completeness, no representation or warranty, express or implied is made by GCML that such information
is accurate or complete and/or is independently verified. The contents of this report represent the
assumptions and projections of GCML and GCML does not guarantee the accuracy or reliability of any

projection, assurances or advice made herein. Nothing in this report constitutes investment, legal,
accounting and/or tax advice or a representation that any investment or strategy is suitable or appropriate
to recipients’ specific circumstances.
Since GCML or its associates are engaged in various financial activities, they might have financial
interest or beneficial ownership in various companies including subject company/companies mentioned in
the report. GCML or its associates have not received any compensation for investment banking or
merchant banking from the subject company in the past 12 months. GCML or its associates might have
received any compensation including brokerage services and for products or services other than
investment banking or merchant banking from the subject company in the past 12 months. It is confirmed
that GCML or research analyst or its associates have not managed or co-managed public offering of
securities for the subject company in the past 12 months.
Research analyst or GCML or its relatives’/associates’ have no material conflict of interest at the time of
publication of this report. Neither research analyst nor GCML are engaged in market making activity for
the subject company. It is confirmed that research analysts do not serve as an officer, director or
employee of the subject company. It is also confirmed that research analyst have not received any
compensation from the subject company in the past 12 months.
No material disciplinary action has been taken on GCML by any regulatory authority impacting Equity
Research Analysis activities.
The views contained in this document are those of the analyst, and the company may or may not
subscribe to all the views expressed within. This information is subject to change, as per applicable law,
without any prior notice. GCML reserves the right to make modifications and alternations to this
statement, as may be required, from time to time.
Research analyst or GCML or its relatives’/associates’ do not have actual/beneficial ownership of 1% or
more in securities of the subject company, at the end of the month immediately preceding the date of publication of the document.