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

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

Gold price stood at 62,305 Indian Rupees (INR) per 10 grams, down INR 533 compared with the INR 62,838 it cost on Monday.

As for futures contracts, Gold prices decreased to INR 62,300 per 10 gms from INR 62,316 per 10 gms.

Prices for Silver futures contracts decreased to INR 70,401 per kg from INR 70,480 per kg.

Global Market Movers: Comex Gold price struggles near one-week low amid receding Fed rate cut bets

• Persistent worries about geopolitical tensions stemming from conflicts in the Middle East and slowing economic growth in China lend some support to the safe-haven Gold price on Comex.
• The US Dollar eases from its highest level in almost three months and further lends some support to the commodity, though hawkish Federal Reserve expectations act as a headwind.
• The Institute for Supply Management (ISM) reported on Monday that the US services sector growth picked up pace in January amid an increase in new orders.
• The US ISM Non-Manufacturing PMI increased to 53.4 last month from 50.5 in December, with a measure of input prices or the Prices Paid sub-component rising to an 11-month high.
• This comes on top of Friday's blowout US jobs report and reaffirmed the view that the economy is in good shape, diminishing the chances of an interest rate cut by the Fed in March.
• Moreover, hawkish comments by several Fed officials suggest that the first-rate cut might not come until May or June, which remains supportive of elevated US Treasury bond yields.
• The yield on the rate-sensitive 2-year US government bond eased from a one-month top on Monday and the benchmark 10-year US Treasury yield holds comfortably above the 4.0% mark.
• In an interview with the CBS News show 60 Minutes that aired on Sunday, Fed Chair Jerome Powell said that the central bank could be patient in deciding when to cut interest rates.
• Minneapolis Fed President Neel Kashkari argued that a possibly higher neutral rate means that the central bank can take more time to assess upcoming data before beginning interest rate cuts.
• Chicago Fed President Austan Goolsbee noted that there have been seven months of good inflation reports, though did not comment on the timing of the first interest rate cut.

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