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

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

Gold price stood at 61,208 Indian Rupees (INR) per 10 grams, down INR 100 compared with the INR 61,308 it cost on Wednesday.

As for futures contracts, Gold prices increased to INR 61,084 per 10 gms from INR 61,024 per 10 gms.

Prices for Silver futures contracts decreased to INR 74,590 per kg from INR 72,826 per kg.

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Global Market Movers: Comex Gold price rebounds on Thanksgiving Day

• The emergence of fresh selling around the US Dollar assists the Comex Gold price to regain positive traction during the Asian session on Thursday.
• The hawkish FOMC minutes-inspired USD recovery falters in the wake of expectations that the Federal Reserve (Fed) will not hike rates further.
• Policymakers reiterated the stance to keep rates higher for longer and remain committed to tightening policy further if progress in controlling inflation falters.
• The current market pricing, however, indicates a greater than 50% chance that the US central bank will start cutting interest rates by May 2024.
• Dovish Fed expectations, meanwhile, overshadow the better-than-expected US labor market and consumer sentiment data released on Wednesday.
• The number of Americans filing new claims for unemployment benefits fell more than expected last week, to 209K, or the lowest level in more than a month.
• The University of Michigan's survey of consumer sentiment showed that US consumers' inflation expectations rose for a second straight month in November.
• Other US data showed orders for long-lasting US manufactured goods fell more than expected in October, pointing to slowing economic demand.
• Lighter trading volumes on the back of the US Thanksgiving holiday and repeated failures ahead of the $2,010 level warrant caution for bullish traders.