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

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

Gold price stood at 62,143 Indian Rupees (INR) per 10 grams, up INR 129 compared with the INR 62,014 it cost on Friday.

As for futures contracts, Gold prices decreased to INR 62,010 per 10 gms from INR 62,094 per 10 gms.

Prices for Silver futures contracts decreased to INR 71,638 per kg from INR 71,839 per kg.

Global Market Movers: Comex Gold price is weighed down by reduced bets for an early Fed rate cut

• Reduced bets for an early interest rate cut by the Federal Reserve, along with a generally positive risk tone, prompt fresh selling around the Comex Gold price on the first day of a new week.
• The better-than-expected US macro data released last week, along with the recent comments by Fed officials, force investors to further trim their bets for an early interest rate cut.
• The University of Michigan's preliminary survey showed that the US Consumer Sentiment Index rose from 69.7 in December to 78.8 this month, or the highest level since July 2021.
• According to CME Group's Fed Watch Tool, traders are now pricing in a less than 50% chance of a Fed rate cut move at the March policy meeting, down from over 70% last week.
• Chicago Fed President Austan Goolsbee said on Friday that the central bank needs more inflation data in hand before any decision could be made to cut interest rates.
• Separately, San Francisco Fed President Mary Daly said there is still a lot of work left to do on inflation and it is premature to think that rate cuts are around the corner.
• The US launched an attack on a Houthi anti-ship missile on Sunday, its seventh round of strikes since the Iran-backed rebel group began targeting merchant vessels in the Red Sea.
• There have been at least 140 attacks on US bases since October 17 and seven in the past week, including the heavy military strikes on Ain al-Assad base in Iraq, which injured US and Iraqi soldiers.
• Iran has vowed retaliation for a strike that killed five senior military officials in Damascus yesterday, an attack it blamed on Israel, which has neither confirmed nor denied involvement.
• Israeli forces and Hamas fighters clashed in several places on Sunday, while Israeli planes resumed heavy bombing on Khan Younis in the southern Gaza Strip.
• Israeli Prime Minister Benjamin Netanyahu appeared to rule out the two-state solution to the conflict and said that Israel must retain security control over all the territory west of Jordan.
• The People's Bank of China (PBoC) decided earlier this Monday to leave the one-year and five-year Loan Prime Rate (LPR) unchanged at 3.45% and 4.20%, respectively.

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