India Gold price today: Gold jumps, 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 61,618 Indian Rupees (INR) per 10 grams, up INR 389 compared with the INR 61,229 it cost on Tuesday.

As for futures contracts, Gold prices increased to INR 62,820 per 10 gms from INR 62,722 per 10 gms.

Prices for Silver futures contracts decreased to INR 77,150 per kg from INR 76,993 per kg.

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Global Market Movers: Comex Gold price renews six-month highs on Fed rate cut bets

• The US Dollar dives to over a three-and-half-month low amid rising bets for a series of rate cuts by the Federal Reserve in 2024 and continues to boost the Comex Gold price.
• Fed Governor Christopher Waller said on Tuesday that he could see a point where the central bank might start lowering rates if inflation continues to ease over the next few months.
• Waller added that he is increasingly confident that policy is currently well-positioned to slow the economy and get inflation back to the central bank's 2% target.
• Fed Governor Michelle Bowman offered a contrasting view and reiterated her belief that more rate hikes likely will be needed as evolving dynamics keep inflation elevated.
• Markets expect the Fed to hold its key lending rate steady in a target range between 5.25%-5.5% in December, though officials have stressed the need to remain vigilant on inflation and keep their options open.
• The Israel-Hamas ceasefire deal has been extended by two days beyond its original expiration on Tuesday morning, which could dim the metal's safe-haven appeal.
• Hamas released about 50 hostages as part of the original agreement and is expected to free another 20 over the next two days in exchange for the release of Palestinian prisoners by Israel.
• Traders now look to the prelim US GDP report, which is expected to show that the world's largest economy expanded by a 5% annualized pace during the third quarter as against the 4.9% estimated.