India Gold price today: Gold edges higher, according to MCX data

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

Gold price stood at 71,933 Indian Rupees (INR) per 10 grams, up INR 11 compared with the INR 71,922 it cost on Monday.

As for futures contracts, Gold prices decreased to INR 71,829 per 10 gms from INR 72,009 per 10 gms.

Prices for Silver futures contracts decreased to INR 94,127 per kg from INR 94,608 per kg.

Global Market Movers: Comex Gold price holds rebound, as US inflation awaited

• An Israeli airstrike triggered a fire that killed 45 people in a tent camp in the Gazan city of Rafah, officials said on Monday. Global leaders called for the implementation of a World Court order to halt Israel's attacks, per Reuters. 
• According to the recent Fed meeting minutes, the central bank would take longer than anticipated to gain greater confidence in inflation moving to the 2% target. 
• Traders have reduced their bets on interest rate reduction by the US Federal Reserve (Fed) to 49% odds in September, down from 63% a week earlier, according to the CME FedWatch tool.
• The preliminary US Gross Domestic Product (GDP) Annualized is estimated to grow 1.4% in Q1 from 1.6% in the previous reading. 
• The US Core Personal Consumption Expenditures Price Index (Core PCE), the Fed’s preferred inflation gauge, is expected to show an increase of 0.3% MoM and 2.8% YoY in April. 
• UBS analysts raised their gold price projection to $2,600 by the end of 2024. Citi experts forecast that gold will reach $3,000 per ounce during the next six to eighteen months.

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