India Gold price today: Gold rebounds firmly, 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 62,293 Indian Rupees (INR) per 10 grams, up INR 1,534 compared with the INR 60,759 it cost on Wednesday.

As for futures contracts, Gold prices increased to INR 62,678 per 10 gms from INR 61,199 per 10 gms.

Prices for Silver futures contracts decreased to INR 75,139 per kg from INR 72,532 per kg.

Global Market Movers: Comex Gold price seems poised to build on the post-FOMC rally

• The Federal Reserve on Wednesday decided to keep interest rates at a 22-year high for the third meeting in a row and struck a more dovish tone in the accompanying policy statement.
• Policymakers see inflation getting closer to the 2% annual target without a recession and the fed funds rate peaking at 4.6% in 2024, down from September's projection of 5.1%.
• Data released on Wednesday showed that the rise in average prices that businesses pay to suppliers decelerated to 0.9% in November, down from a 1.2% annual increase in October.
• The markets are now pricing in a nearly 60% chance that the Fed will begin to cut rates at its March meeting and the odds of a May rate cut stand at 90% versus 80% before the announcement.
• The benchmark 10-year US government bond yield tumbles below 4%, to its lowest level since August and the yield on the rate-sensitive two-year Treasury note touches its weakest level since July.
• The post-FOMC US Dollar selling lends additional support to the Comex Gold price, albeit the risk-on environment keeps a lid on any further gains ahead of the central bank bonanza on Thursday.
• The Swiss National Bank (SNB), the Bank of England (BoE) and the European Central Bank (ECB) will announce their policy decisions later today, which might infuse some volatility.
• Traders on Thursday will further take cues from the US monthly Retail Sales data, which consensus estimates pointing to a fall for the second successive month, by 0.1% in November.

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