India Gold price today: Gold extends its bullish momentum, 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 61,308 Indian Rupees (INR) per 10 grams, up INR 220 compared with the INR 61,088 it cost on Tuesday.

As for futures contracts, Gold prices increased to INR 61,330 per 10 gms from INR 61,225 per 10 gms.

Prices for Silver futures contracts decreased to INR 73,430 per kg from INR 73,304 per kg.

Global Market Movers: Comex Gold price rises further in the Thanksgiving week 

• The minutes from the Federal Reserve's latest meeting revealed officials backing higher for longer interest rates for some time to tame inflation and underpin the US Dollar. 
• Market participants, however, seem convinced that the US central bank will keep rates steady rather than hiking and are pricing in the possibility of rate cuts by spring 2024.
• The benchmark 10-year US Treasury bond yield languishes near a two-month low and turns out to be a key factor driving some flows towards the non-yielding yellow metal.
• The National Association of Realtors reported that US Existing Home Sales fell in October to a seasonally adjusted annual rate of 3.79 million units or the lowest level in more than 13 years.
• Israel and Hamas have agreed to a deal for the staggered release of 50 civilians held hostage in Gaza in exchange for Palestinian prisoners and a four-day halt to hostilities.
• The US military conducted discrete, precision strikes against two Iran-backed facilities in Iraq in response to the attacks against US and Coalition forces by Iran and Iran-backed groups.
• The markets reacted little to the latest development as there hasn't been any major escalation in the Middle East tensions, doing little to influence the safe-haven precious metal.
• Traders now look to the US macro data – Initial Weekly Jobless Claims, Durable Goods Orders and revised Michigan Consumer Sentiment Index – for short-term impetus.

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