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

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

Gold price stood at 72,561 Indian Rupees (INR) per 10 grams, down INR 1,319 compared with the INR 73,880 it cost on Wednesday.

As for futures contracts, Gold prices decreased to INR 72,280 per 10 gms from INR 73,045 per 10 gms.

Prices for Silver futures contracts decreased to INR 91,121 per kg from INR 93,013 per kg.

Global Market Movers: Comex Gold price bears the brunt of the Fed’s hawkish Minutes

• The Minutes from the recent policy meeting of the FOMC released Wednesday indicated that “participants observed that while inflation had eased over the past year, in recent months there had been a lack of further progress toward the Committee’s 2 percent objective.”
• The minutes further stated that “participants assessed that maintaining the current target range for the federal funds rate at this meeting was supported by data indicating continued solid economic growth.” 
• Investors have priced in nearly a 60% chance of the first cut to happen in September and two reductions of a quarter percentage point before the end of the year, according to the CME FedWatch Tool.
• The preliminary of US S&P Global Manufacturing and Service PMI is expected to remain unchanged at 50.0 and 51.3 in May, respectively. 
• The People's Bank of China (PBoC) has been the largest buyer among its worldwide counterparts over the past year. Its addition of 225 tonnes to its gold reserves last year was the highest on record since at least 1977.

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