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

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

Gold price stood at 62,014 Indian Rupees (INR) per 10 grams, up INR 259 compared with the INR 61,755 it cost on Thursday.

As for futures contracts, Gold prices increased to INR 62,094 per 10 gms from INR 61,769 per 10 gms.

Prices for Silver futures contracts decreased to INR 71,839 per kg from INR 71,615 per kg.

Global Market Movers: Comex Gold price attracts haven flows amid Middle East tensions

• The US-led forces continue to clash with the Iran-backed Houthi group in the Red Sea and seem to lend some support to the safe-haven Comex Gold price amid a subdued US Dollar price action.
• Houthi rebels in Yemen launched two anti-ship ballistic missiles at a US-owned, Greek-operated tanker ship on Thursday and the US, in response, carried out its fifth strike against Houthi targets.
• Pakistan undertook a series of military strikes against terrorist hideouts in the Sistan-Baluchistan province of Iran, while the latter began a planned air defense drill from its port of Chabahar near Pakistan.
• The USD consolidates below its highest level since December 13 touched earlier this week, though reduced bets for a March rate cut by the Federal Reserve continue to act as a tailwind.
• The incoming resilient US macro data released this week suggested that the economy is in good shape and gives the central bank headroom to keep interest rates higher for longer.
• Against the backdrop of the upbeat US Retail Sales figures on Wednesday, data released on Thursday showed that the Initial Jobless Claims fell to the lowest level since September 2022.
• The markets were quick to react to the strong labor-market report and are now pricing just over a 50% chance of a rate cut at the March FOMC meeting, down from 75% a week ago.
• The yield on the benchmark 10-year US government bond touched its highest level since mid-December, which favours the USD bulls and should cap gains for the non-yielding yellow metal.
• Traders now look to the US macro data – the Preliminary Michigan Consumer Sentiment and Inflation Expectations, along with Existing Home Sales – for short-term opportunities.

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