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

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

Gold price stood at 73,161 Indian Rupees (INR) per 10 grams, down INR 51 compared with the INR 73,212 it cost on Thursday.

As for futures contracts, Gold prices decreased to INR 72,912 per 10 gms from INR 72,980 per 10 gms.

Prices for Silver futures contracts increased to INR 87,575 per kg from INR 87,300 per kg.

Global Market Movers: Comex Gold price edges higher despite Fed officials suggest interest rates should stay higher for longer

• The US weekly Initial Jobless Claims increased by 222K for the week ending May 11 from 232K in the previous week, above the 220K estimated, according to the US Bureau of Labor Statistics (BLS).
• Housing Starts rose by 5.7% MoM to 1.36 million in April, while Building Permits dropped by 3% MoM in April to 1.44 million.
• Atlanta Fed President Raphael Bostic said he saw signs of cooling inflation in the recent CPI report, but he prefers to watch the May and June data to gain confidence that the inflation doesn’t turn back the other way.
• Cleveland Fed President Loretta Mester said policy was well positioned, and it was too soon to say progress on inflation had stalled. 
• Richmond Fed President Tom Barkin noted the central bank needs to keep borrowing costs high for longer to ensure inflation is on track to its target, citing higher prices in the services sector.
• Financial markets are currently pricing in nearly 75% odds of a Fed rate cut in September, an increase from 65% earlier in the week. The markets are also pricing in full 25 basis point (bps) rate cuts before the end of the year, according to the CME FedWatch Tool. 

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