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

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

Gold price stood at 72,343 Indian Rupees (INR) per 10 grams, up INR 410 compared with the INR 71,933 it cost on Tuesday.

As for futures contracts, Gold prices decreased to INR 72,350 per 10 gms from INR 72,407 per 10 gms.

Prices for Silver futures contracts increased to INR 95,950 per kg from INR 95,448 per kg.

Global Market Movers: Comex Gold price faces some pressure from hawkish Fedspeak

• Israeli Prime Minister Benjamin Netanyahu has vowed to continue the war against Hamas amid international condemnation of an air strike that killed at least 45 people in Rafah on Sunday, per the BBC.
• The World Gold Council reported that global physically-backed gold exchange-traded funds (ETFs) witnessed a net outflow of 11.3 metric tonnes last week.
• UBS analysts expect gold prices to reach $2,500 an ounce by September and hit $2,600 an ounce by year-end. The forecast is higher than the initial estimates of $2,400 and $2,500 per ounce, respectively. 
• Consumer Confidence improved slightly in May, the Conference Board reported on Tuesday. The figure rose to 102.0 in May from 97.0 in April, beating the estimation of 95.9.
• Fed Governor Michelle Bowman said on Tuesday that she would have supported either waiting to start slowing the quantitative tightening pace or a more moderate tapering process than announced earlier this month. 
• Fed Minneapolis President Neel Kashkari said that the central bank should wait for significant progress on inflation before cutting interest rates, adding that he expected no more than two rate cuts in 2024.

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