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 72,209 Indian Rupees (INR) per 10 grams, down INR 509 compared with the INR 72,718 it cost on Friday.

As for futures contracts, Gold prices decreased to INR 72,046 per 10 gms from INR 72,727 per 10 gms.

Prices for Silver futures contracts decreased to INR 84,480 per kg from INR 84,791 per kg.

Global Market Movers: Comex Gold price falls after Michigan Sentiment Survey data

Gold price has reversed lower following the release of the University of Michigan Consumer Sentiment Survey on Friday, which showed a surprise fall in sentiment whilst at the same time higher inflation expectations. 

The preliminary University of Michigan Consumer Sentiment index for May fell to 67.4 from 77.2 when economists had expected a much gentler decline to 76.0. 

At the same time, the long-run inflation expectations component rose to 3.1% from 3.0% previously. 

Higher inflation expectations suggest the Federal Reserve (Fed) may continue to delay its expected move to cut interest rates. This is negative for Gold since higher interest rates increase the opportunity cost of holding Gold compared to interest-yielding assets like bonds or cash. 

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