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

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

Gold price stood at 62,709 Indian Rupees (INR) per 10 grams, up INR 191 compared with the INR 62,518 it cost on Wednesday.

As for futures contracts, Gold prices decreased to INR 62,600 per 10 gms from INR 63,735 per 10 gms.

Prices for Silver futures contracts decreased to INR 71,538 per kg from INR 72,247 per kg.

Global Market Movers: Comex Gold price struggles as USD hits fresh YTD peak 

• The Federal Reserve signalled on Wednesday that it was getting closer to rate cuts, dragging the US Treasury bond yields lower, which, in turn, is seen as a key factor lending support to the Comex Gold price.
• As was expected, the Fed decided to leave the main interest-rate target unchanged at between 5.25%-5.5% at the end of a two-day meeting on Wednesday and indicated that the policy rate is likely at its peak.
• In the post-meeting press conference, Fed Chair Jerome Powell said that rate cuts would likely begin at some point this year, though pushed back strongly against expectations for any such move in March.
• The current market pricing indicates only about a 35% chance that the US central bank will cut interest rates in March, down from more than 60% before the Fed decision and nearly 90% a month ago.
• The less dovish outlook assists the US Dollar to climb to a fresh YTD peak, prompting some intraday selling around the non-yielding yellow metal and dragging it to the lower end of its daily trading range. 
• Investors remain worried that the deepening conflict in the Middle East could trigger a wider war, which, along with slowing economic growth in China, lends support to the safe-haven precious metal.
• The European Union hopes to launch a naval mission in the Red Sea within three weeks to help defend cargo ships against attacks by Houthi rebels, which are hampering trade and driving up prices.
• A private-sector survey released earlier this Thursday showed that business activity in China's manufacturing sector expanded at a steady pace for the third successive month in January.
• Traders look to the flash Eurozone consumer inflation figures, the Bank of England policy decision and the US ISM Manufacturing PMI for some impetus ahead of the US NFP on Friday.

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