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

Gold prices rose in India on Monday, according to data compiled by FXStreet.

The price for Gold stood at 6,159.77 Indian Rupees (INR) per gram, up INR 1.58 compared with the INR 6,158.18 it cost on Friday.

The price for Gold increased to INR 71,846.33 per tola from INR 71,827.84 per tola.

FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.

Global Market Movers: Comex Gold price struggles to lure buyers amid reduced Fed rate cut bets, bullish USD

• The upbeat US employment details released on Friday fueled speculations that the Federal Reserve could delay the start of the rate-cutting cycle, which, in turn, is seen capping the upside for the non-yielding Comex Gold price.
• The headline NFP showed that the US economy added 272K jobs in May as compared to the 185K anticipated and the previous month's upwardly revised 175K, overshadowing an uptick in the unemployment rate to 4.0%.
• Furthermore, Average Hourly Earnings surpassed consensus estimates and increased by 4.1% during the 12 months through May, which might push up prices and require the Fed to keep interest rates higher for longer.
• The yield on the benchmark 10-year US government bond jumped to 4.45% after the data, while the rate-sensitive 2-year yield remains close to 5.0%, underpinning the US Dollar and acting as a headwind for the XAU/USD.
• Meanwhile, the People's Bank of China (PBoC) snapped 18 months of continuous Gold buying in May, raising concern about decreasing demand for the bullion in one of the world’s biggest buyers and favoring bearish traders. 
• Investors, however, prefer to wait on the sidelines ahead of this week's release of the latest US consumer inflation figures and the highly-anticipated FOMC monetary policy decision on Wednesday before placing directional bets.
• The chances of a rate cut in September fell to around 50% following the US jobs data, from around 70% on Thursday, and the markets are now pricing in just one cut of 25 basis points this year, either in November or December. 
• Hence, investors will look for fresh signals on when the Fed will begin cutting interest rates amid the still resilient US economy, which will play a key role in determining the next leg of a directional move for the commodity.

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