India Gold price today: Gold rises, 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 62,875 Indian Rupees (INR) per 10 grams, up INR 166 compared with the INR 62,709 it cost on Thursday.

As for futures contracts, Gold prices decreased to INR 62,906 per 10 gms from INR 62,965 per 10 gms.

Prices for Silver futures contracts increased to INR 72,309 per kg from INR 72,218 per kg.

Global Market Movers: Comex Gold price remains on the sidelines amid risk-on, ahead of US NFP

• A series of unsubstantiated reports of a ceasefire between Israel and Hamas boosts investors' confidence, capping the upside for the safe-haven Comex Gold price on the last trading day of the week.
• Reports suggest that Hamas received its first proposal for an extended pause to the fighting in Gaza in exchange for releasing the remaining hostages it holds, though has not yet responded to it.
• The Houthi rebels claimed that it struck a US merchant ship in the Red Sea, while the US launched new air strikes in Yemen, targeting ten drones reportedly being set up to launch.
• Concerns about the health of regional lenders in the US resurfaced on Thursday after New York Community Bancorp reported increased stress in its commercial real estate portfolio.
• China's official Manufacturing PMI contracted for a fourth successive month in January, suggesting that the world's second-largest economy is struggling to regain momentum.
• Fed Chair Jerome Powell said on Wednesday that interest rates had peaked and would move lower in coming months, though tempered market expectations for any such a move in March.
• The yield on the benchmark 10-year US government bond remains below the 4% mark amid bets for a steep rate cut by the Federal Reserve in 2024 and undermines the US Dollar.
• The Labor Department reported that Initial Jobless Claims increased by 9,000, to 224K during the week ended January 27 from the previous week's upwardly revised reading of 215 K.
• Separately, the Institute for Supply Management's (ISM) Manufacturing PMI improved from 47.4 to 49.1 in January, while the Prices Paid Index climbed to 52.9 from 45.2 in December.
• The XAU/USD seems poised to snap a two-week losing streak as investors now look to the US jobs data for cues about the Fed's policy path and some meaningful trading opportunities.
• The popularly known NFP report is expected to show that the US economy added 180K jobs in January, down from the 216K previous, and the jobless rate edged higher to 3.8% from 3.7%

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