India Gold price today: Gold falls, according to MCX data

Gold prices fell in India on Thursday, according to data from India's Multi Commodity Exchange (MCX).

Gold price stood at 62,181 Indian Rupees (INR) per 10 grams, down INR 43 compared with the INR 62,224 it costed on Wednesday.

As for futures contracts, Gold prices decreased to INR 62,223 per 10 gms from INR 62,585 per 10 gms.

Prices for Silver futures contracts decreased to INR 75,457 per kg from INR 74,927 per kg.

Daily Digest Market Movers: Comex Gold price remains confined in a familiar range ahead of US macro data

• Rising bets that the Federal Reserve will eventually pivot away from its hawkish stance early next year turn out to be a key factor acting as a tailwind for the Comex Gold price.
• Dovish Fed expectations drag the yield on the benchmark 10-year US government bond to its lowest level since July and keep the US Dollar bulls on the defensive.
• A slew of Fed officials recently tried to push back on the idea of rapid interest rate cuts next year, albeit did little to provide any meaningful impetus to the buck.
• The Conference Board's US Consumer Confidence Index jumped to a five-month high level of 110.7 in December from 101, rising the most since early 2021.
• US existing home sales unexpectedly rose by 0.8% in November, to a seasonally adjusted annual rate of 3.82 million units, snapping five straight months of decline.
• The overnight dramatic turnaround in the US equity markets is seen as another factor that benefits the safe-haven precious metal and remains supportive of the uptick.
• Traders now look forward to the final US GDP print, which is expected to show that the world's largest economy grew by a 5.2% annualized pace during the third quarter.
• Thursday's US economic docket also features the release of Weekly Initial Jobless Claims data and the Philly Fed Manufacturing Index later during the US session. The focus, meanwhile, remains on the Core PCE Price Index, due on Friday, which will influence the Fed's future rate decisions and infuse volatility in the markets.

(An automation tool was used in creating this post.)