India Gold price today: Gold holds steady, according to MCX data

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

Gold price stood at 62,518 Indian Rupees (INR) per 10 grams, up INR 4 compared with the INR 62,514 it cost on Tuesday.

As for futures contracts, Gold prices increased to INR 62,492 per 10 gms from INR 62,447 per 10 gms.

Prices for Silver futures contracts decreased to INR 72,270 per kg from INR 72,342 per kg.

Global Market Movers: Comex Gold price is pressured by renewed USD demand ahead of the Fed

• The US Dollar regains positive traction amid diminishing odds for a more aggressive policy easing by the Federal Reserve and drags the Comex Gold price away from a two-week high touched the previous day.
• The Job Openings and Labor Turnover Survey (JOLTS) report published by the Bureau of Labor Statistics showed that US job openings unexpectedly increased to 9.02 million in December.
• The Conference Board's US Consumer Confidence Index improved for the third consecutive month and jumped to its highest level since December 2021, to 114.8 in January from the 108.0 previous.
• Adding to this, the International Monetary Fund upgraded its forecast for the US economic growth to 2.1% for 2024, versus the 1.5% rise expected in October, and then ease to 1.7% in 2025.
• This suggested that the US economy is still in good shape for the Fed to start cutting interest rates in the first quarter, which, in turn, acts as a tailwind for the buck and weighs on the metal.
• The yield on the benchmark 10-year US government bond languishes near the 4.0% threshold, which, along with geopolitical risks and China's economic woes, lend support to the XAU/USD.
• China's National Bureau of Statistics reported that the official Manufacturing PMI improved slightly to 49.2 in January, though remained in contraction territory for the fourth straight month.
• This points to a weak domestic recovery and poor external demand, though, to a larger extent, was offset by a further rise in the Non-Manufacturing PMI to 50.7 in January from the 50.4 previous.
• Investors now look to the highly-anticipated FOMC policy decision for cues about the first interest rate cut, which, in turn, will provide a fresh directional impetus to the non-yielding yellow metal.
• Heading into the key central bank event risk, traders will confront the release of the ADP report on private-sector employment and Chicago PMI later during the North American session.

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