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

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

Gold price stood at 61,817 Indian Rupees (INR) per 10 grams, down INR 616 compared with the INR 62,433 it cost on Tuesday.

As for futures contracts, Gold prices decreased to INR 61,893 per 10 gms from INR 62,015 per 10 gms.

Prices for Silver futures contracts decreased to INR 71,700 per kg from INR 72,093 per kg.

Global Market Movers: Comex Gold price falls on Fed rate cut uncertainty

• Federal Reserve (Fed) Governor Christopher Waller's remarks on Tuesday further tempered expectations for a March rate cut and act as a headwind for the non-yielding Comex Gold price.
• Waller added that the Fed needs to be cautious and cannot rush into rate cuts as the economy remains in good shape, pushing the US Treasury bond yields sharply higher.
• The yield on the benchmark 10-year US government bond holds steady above the 4.0% threshold, underpinning the US Dollar and capping the non-yielding yellow metal.
• The risk of a further escalation of tensions in the Middle East does little to provide any respite to the safe-haven XAU/USD or impress bullish traders.
• In the latest development, the US carried out another airstrike targeting a Houthi missile facility in Yemen, noting a threat to merchant vessels and US Navy ships.
• The official data released by the National Bureau of Statistics (NBS) showed that China’s economy grew at an annual rate of 5.2% in the final quarter of 2023.
• On a quarterly basis, Chinese GDP expanded by 1.0% in Q3 vs. 1.0% expected, while December Retail Sales and Industrial Production rose by 7.4% YoY and 6.8% YoY, respectively.
• Following the release of the high-impact data, the NBS noted that China's economy faces a complex external environment and low consumer prices reflect insufficient domestic demand.
• The geopolitical risks, along with China's economic woes, might hold back traders from placing aggressive bearish bets around the metal and help limit any further losses.
• Traders now look to the US macro data, which is expected to show that monthly Retail Sales grew by 0.4% in December and Industrial Production remained flat.
• Apart from this, scheduled speeches by Fed Governors Michael Barr and Michelle Bowman might influence the USD and provide some impetus to the commodity.

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