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 62,566 Indian Rupees (INR) per 10 grams, down INR 512 compared with the INR 63,078 it costed on Wednesday.

As for futures contracts, Gold prices decreased to INR 62,768 per 10 gms from INR 63,126 per 10 gms.

Prices for Silver futures contracts decreased to INR 72,430 per kg from INR 73,589 per kg.

Global Market Movers: Comex Gold price benefits from reviving safe-haven demand

• Bets that the Federal Reserve will cut rates in March, along with geopolitical tensions, help the Comex Gold price to build on the overnight bounce from over a one-week low.
• The December FOMC meeting minutes revealed that members generally viewed the addition of 'any' to the statement as an indication that policy rates are likely near peak.
• Policymakers observed progress on inflation, though noted that circumstances might warrant keeping interest rates at the current level longer than they currently anticipate.
• Moreover, the minutes did not provide direct clues about the timing of when a series of interest rate cuts in 2024 might commence.
• Richmond Fed President Thomas Barkin on Wednesday expressed confidence that the economy is on its way to a soft landing and said that rate hikes remain on the table.
• The yield on the benchmark 10-year US government bond holds steady below 4.0%, which should act as a tailwind for the US Dollar and cap the non-yielding yellow metal.
• The Institute for Supply Management (ISM) said on Wednesday that the pace of decline in the US manufacturing sector slowed amid a modest rebound in production.
• The US ISM Manufacturing PMI improved to 47.4 last month from 46.7 in November, though remained in contraction territory for the 14th consecutive month.
• The Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed that employment listings fell to 8.79 million in November – the lowest since March 2021.
• Traders now look to the US ADP report, which is expected to show that private-sector employers added 115K jobs in December as compared to the 103K in the previous month.
• The market focus, however, will remain glued to the official monthly employment details – popularly known as the Nonfarm Payrolls (NFP) report on Friday.

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