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

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

Gold price stood at 71,922 Indian Rupees (INR) per 10 grams, up INR 254 compared with the INR 71,668 it cost on Friday.

As for futures contracts, Gold prices increased to INR 71,596 per 10 gms from INR 71,256 per 10 gms.

Prices for Silver futures contracts increased to INR 91,927 per kg from INR 90,548 per kg.

Global Market Movers: Comex Gold price attracts some buyers amid the geopolitical risks

• The Ministry of Health in Gaza said that at least 35 Palestinians were killed and dozens more were injured as a result of Israeli air attacks on a camp in Rafah for displaced people on Sunday, per CNN. 
• Gold price has increased by over 16% year-to-date, hitting a record high of over $2,400 per ounce in May, according to World Gold Council data. 
• The US Durable Goods Orders rose by 0.7% MoM in April from the downward revision of 0.8% in March, better than the expectation of -0.8%. 
• The University of Michigan Consumer Sentiment Index came in at 69.1 in May from 67.4 in April, above the market consensus of 67.5. Inflation expectations for one year rose slightly to 3.3% from 3.2%, while five-year inflation expectations eased to 3% from 3.1%.
• UBS analysts recently raised their gold price forecast to $2,600 for the end of 2024. Citi analysts predicted gold would hit $3,000 per ounce in the next six to 18 months. 
• Gold imports to India, the world's second-largest gold consumer, might fall nearly a fifth this year as high prices encourage retail customers to exchange old jewellery for new items, per Reuters.  

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