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

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

Gold price stood at 62,324 Indian Rupees (INR) per 10 grams, up INR 181 compared with the INR 62,143 it cost on Monday.

As for futures contracts, Gold prices increased to INR 62,124 per 10 gms from INR 62,010 per 10 gms.

Prices for Silver futures contracts decreased to INR 71,090 per kg from INR 71,638 per kg.

Global Market Movers: Comex Gold price benefits from geopolitical tensions and a softer US Dollar

• The risk of a further escalation of conflicts in the Middle East, along with China's economic woes, assists the safe-haven Comex Gold price to regain some positive traction on Tuesday.
• The US and UK have conducted a fresh series of joint air strikes against the Iran-backed Houthis in Yemen, who have been targeting commercial vessels passing through the Red Sea.
• Pakistan and Iran have decided to resolve their issues with diplomacy, while the Israel-Hamas conflict is threatening to erupt into a large-scale war and impact the global economy.
• Investors continue to scale back their expectations for a more aggressive policy easing by the Federal Reserve in the wake of signs that the economy is still in good shape.
• The current market pricing indicates a 40% chance of a March rate cut, down from as much as 80% a week ago, and five 25 bps rate reductions for 2024 as compared to six two weeks ago.
• The yield on the benchmark 10-year US government bond holds just below the highest level since December touched last week and should acts as a tailwind for the US Dollar, capping the XAU/USD.
• The Bank of Japan, as was widely expected, decided to maintain the status quo and leave its ultra-loose monetary policy settings unchanged at the end of the January meeting this Tuesday.
• Traders now look to the European Central Bank (ECB) meeting, which, along with the global PMIs, the Advance US Q4 GDP and the US Core PCE Price Index, for a fresh directional impetus.

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