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

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

Gold price stood at 71,405 Indian Rupees (INR) per 10 grams, down INR 120 compared with the INR 71,525 it cost on Tuesday.

As for futures contracts, Gold prices decreased to INR 70,962 per 10 gms from INR 71,136 per 10 gms.

Prices for Silver futures contracts decreased to INR 82,429 per kg from INR 82,794 per kg.

Global Market Movers: Comex Gold price remains firm amid the uncertainties

• Minneapolis Fed Bank President Neel Kashkari said on Tuesday that it is too early to declare that inflation has stalled out, and the Fed might cut interest rates this year if price pressures ease.
• Richmond Fed President Thomas Barkin said the current level of interest rates is restrictive enough to cool the economy and bring inflation back to the 2% target.
• Financial markets are now pricing in nearly 50 basis points (bps) of rate cuts from the Fed this year, including a 65.7% odds of a rate cut of at least 25 bps in September, according to CME's FedWatch Tool.
• The preliminary University of Michigan Consumer Sentiment Index will be released on Friday, which is estimated to drop from 77.2 in April to 76.0 in May.
• Israeli troops launched strikes on Gaza's southernmost city. Even though Hamas agreed to a ceasefire proposal on Monday, Israel said the conditions did not meet its demands, as per the New York Times. 
• The People’s Bank of China (PBoC) added 60,000 troy ounces of gold to its reserves in April, extending the period of consecutive purchases to 18 months. 

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