*Gold trading range for the day is 60050-61070
*Gold dropped on profit booking as investors digest a gloomy economic outlook and uncertainty regarding monetary policy.
*Fresh economic data for the US report showed tighter financial conditions are leading to a slowdown in the US economy
*Physical gold demand hit a pause with high domestic prices forcing dealers in some markets to lure customers with discounts
*In India, dealers offered discounts of up to $32 an ounce over official domestic prices versus last week's $26 discounts.
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