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

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

Gold price stood at 62,127 Indian Rupees (INR) per 10 grams, up INR 82 compared with the INR 62,045 it cost on Wednesday.

As for futures contracts, Gold prices increased to INR 62,577 per 10 gms from INR 62,440 per 10 gms.

Prices for Silver futures contracts decreased to INR 74,900 per kg from INR 74,831 per kg.

 Global Market Movers: Comex Gold price cheers Fed rate cut bets and weaker US Dollar

• The weaker US employment data released this week reinforced expectations that the Federal Reserve is done raising interest rates and continues to act as a tailwind for the Comex Gold price.
• The Labor Department's JOLTS report showed on Tuesday that job openings fell to more than a 2-1/2-year low in October, signaling that interest rates were dampening demand for workers.
• The ADP report also pointed to signs of a cooling jobs market and indicated that private payrolls rose by 103K in November, down from the previous month's downwardly revised reading of 106K.
• The current market pricing suggests a two-in-three chance of a rate cut by March, which has pushed down the US bond yields to a three-month low and further lend support to the XAU/USD.
• The mixed Trade Balance data from China showed that imports unexpectedly declined by 0.6% in November, fueling concerns about weak domestic demand amid looming recession risks.
• Israel launched the next phase of its ground offensive against the Palestinian group – Hamas – to the south of the Gaza Strip and intensified strikes around Gaza’s second-largest city, Khan Younis.
• The US Dollar retreats sharply from a two-week high touched on Wednesday and acts as a tailwind for the commodity, though bulls seem reluctant to place fresh bets ahead of US NFP on Friday.
• The crucial US monthly employment details will influence the Fed's near-term policy outlook, which, in turn, will drive the USD demand and provide a fresh impetus to the commodity.
• Traders now look to the US Weekly Initial Jobless Claims, expected to show that individuals filing unemployment insurance for the first time rose from 218K to 222K during the week of December 1.

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