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

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

Gold price stood at 62,838 Indian Rupees (INR) per 10 grams, down INR 37 compared with the INR 62,875 it cost on Friday.

As for futures contracts, Gold prices decreased to INR 62,252 per 10 gms from INR 62,562 per 10 gms.

Prices for Silver futures contracts decreased to INR 70,743 per kg from INR 71,208 per kg.

Global Market Movers: Comex Gold price remains depressed despite geopolitical risks

• The robust US employment details released on Friday forced investors to scale back their expectations regarding the timing and pace of rate cuts by the Federal Reserve, which is seen weighing on the Comex Gold price.
• The headline NFP showed that the US economy added 353K new jobs in January, nearly double the 180K anticipated, and the previous month's reading was also revised higher to 333K from the 216K reported.
• Other details revealed that the Unemployment Rate held steady at 3.7% and wage inflation, as measured by the change in Average Hourly Earnings, rose to 4.5% on a yearly basis as against the 4.1% rise anticipated.
• The probability of a rate cut in March dwindled to approximately 15% from over 65% last month, while the likelihood of a 150-bps rate cut in 2024 has also plummeted to just 25% from being nearly certain previously.
• The yield on the benchmark 10-year US government bond extends the post-NFP rise beyond the 4.0% threshold during the Asian trading hours on Monday and pushes the US Dollar to a fresh high since December.
• A private survey showed that business activity in China's services sector remained in expansionary territory for 13 straight months, though grew less than expected in January and added to worries about a slowdown.
• Israel's Prime Minister Benjamin Netanyahu said that the country will not end the war before it completes all of its goals, while media reports suggest that Hamas is set to reject the Gaza ceasefire deal proposed in Paris.
• US Central Command said forces conducted a strike in self-defense against a Houthi land attack cruise missile and struck four anti-ship cruise missiles prepared to launch against ships in the Red Sea.
• This, in turn, could act as a tailwind for the safe-haven precious metal as traders now look to the release of the US ISM Services PMI for short-term opportunities later during the early North American session on Monday.

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