India Gold price today: Gold extends upside, 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 62,224 Indian Rupees (INR) per 10 grams, up INR 378 compared with the INR 61,846 it cost on Tuesday.

As for futures contracts, Gold prices increased to INR 62,585 per 10 gms from INR 62,476 per 10 gms.

Prices for Silver futures contracts decreased to INR 74,927 per kg from INR 74,824 per kg.

Global Market Movers: Comex Gold price bulls take a pause ahead of the US PCE Price Index on Friday

• Growing acceptance that the Federal Reserve (Fed) will pivot away from its hawkish stance early next year continues to act as a tailwind for the Comex Gold price.
• Chicago Fed President Austan Goolsbee said the central bank is not pre-committing to cutting interest rates soon and should not be bullied by what the market wants.
• Cleveland Fed President Loretta Mester noted on Monday that financial markets had got a little bit ahead of the central bank on when to expect interest rate cuts next year.
• The markets, however, have priced in a more than 60% chance that the Fed will cut rates as soon as March 2024 and a total of 140 basis points of rate reductions in 2024.
• The yield on the benchmark 10-year US government bond languishes below the 4% mark, with the US Dollar hovering just above a multi-month low touched last week.
• The global risk-on rally remains uninterrupted amid expectations of lower interest rates in the US, more stimulus from China and dovish Bank of Japan, capping the safe-haven metal.
• Traders now look to the US Consumer Confidence Index for some impetus later this Wednesday, though the focus remains on the release of the US PCE Price Index on Friday.

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