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

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

Gold price stood at 61,967 Indian Rupees (INR) per 10 grams, down INR 158 compared with the INR 62,125 it cost on Tuesday.

As for futures contracts, Gold prices increased to INR 62,265 per 10 gms from INR 62,179 per 10 gms.

Prices for Silver futures contracts decreased to INR 72,240 per kg from INR 72,047 per kg.

Global Market Movers: Comex Gold price lures buyers amid a softer risk tone

• The uncertainty over the timing of when the Federal Reserve will start cutting interest rates holds back traders from placing fresh directional bets around the Comex Gold price.
• The New York Fed reported on Monday that US consumers' projection of inflation fell to the lowest level in nearly three years in December, lifting bets for an imminent shift in the Fed's policy stance
• Meanwhile, the resilient US economy, which is experiencing above-target inflation, gives the US central bank more headroom to keep interest rates higher for longer.
• This allows the yield in the benchmark 10-year US government bond to hold above the 4.0% threshold, which lends support to the US Dollar and caps the yellow metal.
• Bearish traders, however, seem reluctant and prefer to wait on the sidelines ahead of the latest US consumer inflation figures, due for release on Thursday.
• Citing a senior US Defense Department official, CNBC reported late Tuesday that Iran-backed Houthi militants launched the largest attack to date on commercial merchant vessels.
• A senior People’s Bank of China official said this Wednesday that the central bank may use monetary policy tools to provide strong support for reasonable credit growth.
• The official added that the PBoC will strengthen its counter-cyclical and cross-cycle policy adjustments to create favorable conditions for the country’s economic growth.
• There isn't any relevant market-moving macro data scheduled for release from the US on Wednesday, leaving the Comex Gold price at the mercy of the USD price dynamics.

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