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

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

Gold price stood at 70,906 Indian Rupees (INR) per 10 grams, down INR 384 compared with the INR 71,290 it cost on Thursday.

As for futures contracts, Gold prices decreased to INR 70,647 per 10 gms from INR 70,701 per 10 gms.

Prices for Silver futures contracts decreased to INR 81,119 per kg from INR 81,313 per kg.

Global Market Movers: Gold price traders seem non-committed as the focus remains glued to the US NFP

• Expectations that the Federal Reserve will keep interest rates higher for longer, along with the upbeat market mood, turn out to be key factors undermining demand for the safe haven Comex Gold price. 
• The Fed signaled on Wednesday that the next move will be to lower the policy rate, though it was in no hurry to begin cutting borrowing costs as the disinflationary process has slowed in recent months.
• The Fed's less hawkish outlook led to the broad-based US Dollar weakness and helps limit the downside for the XAU/USD, warranting some caution before positioning for any meaningful downfall.
• Traders might also prefer to wait for the release of the closely watched US monthly employment details, or the NFP report, which is expected to show that the economy added 243K new jobs in April.
• Meanwhile, the Unemployment Rate is anticipated to remain steady at 3.8% during the reported month, while Average Hourly Earnings probably eased to the 4.0% YoY rate from 4.1% in March.
• The crucial jobs data might influence market expectations about the Fed's future policy decisions, which, in turn, will drive the USD and provide some meaningful impetus to the non-yielding metal.

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