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

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

Gold price stood at 71,911 Indian Rupees (INR) per 10 grams, up INR 554 compared with the INR 71,357 it cost on Tuesday.

As for futures contracts, Gold prices decreased to INR 70,972 per 10 gms from INR 71,029 per 10 gms.

Prices for Silver futures contracts increased to INR 80,690 per kg from INR 80,678 per kg.

Global Market Movers: Comex Gold price struggles amid positive risk tone, modest USD strength

• Easing concerns over geopolitical tensions in the Middle East remain supportive of a generally positive risk tone and continue to act as a headwind for the safe-haven Gold price on Comex. 
• Hawkish comments from Federal Reserve officials lifted bets that the US central bank will keep rates higher for longer and further undermined the non-yielding yellow metal. 
• The weaker US PMI prints released on Tuesday keep the US Dollar bulls on the defensive near a one-and-half-week low, which is seen lending some support to the commodity.
• The S&P Global Composite Purchasing Managers Index (PMI) fell to 50.9 in April's flash estimate, suggesting that the business activity in the US private sector expanded at a slower pace. 
• Meanwhile, the S&P Global Manufacturing PMI unexpectedly dropped into the contraction territory in April, while the gauge for the services sector declined to 50.9 from 51.7 in March.
• Traders also prefer to wait on the sidelines ahead of this week's key US macro data, which might influence the Fed's future policy decision and provide a fresh impetus to the XAU/USD. 
• Wednesday's US economic docket features Durable Goods Orders, though the focus remains on the Advance Q1 GDP report and the Personal Consumption Expenditures (PCE) Price Index.

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