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

Gold prices rose in India on Thursday, according to data compiled by FXStreet.

The price for Gold stood at 6,349.30 Indian Rupees (INR) per gram, up INR 28.10 compared with the INR 6,321.20 it cost on Wednesday.

The price for Gold increased to INR 74,056.95 per tola from INR 73,729.23 per tola.

FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.

Global Market Movers: Comex Gold price draws support from firming Fed rate cut bets, weaker USD

• Mixed US macro data released on Wednesday reaffirmed expectations that the Federal Reserve will start cutting interest rates later this year, dragging the US Treasury bond yields lower and benefiting the non-yielding Gold price. 
• The Automatic Data Processing (ADP) reported that private sector employment in the US rose by 152K in May as compared to 173K anticipated and the previous month's downwardly revised reading of 188K (192K reported originally).
• The Institute for Supply Management's (ISM) Services PMI rose to 53.8 in May, registering its highest level since August and surpassing consensus estimates of 50.8, while the Prices Paid sub-component edged lower to 58.1 from 59.2.
• This, along with the softer US Personal Consumption Expenditures (PCE) Price Index on Friday, pointed to easing inflationary pressures and dragged the US Treasury bond yields lower, offering some support to the yellow metal. 
• The benchmark 10-year US Treasury yield fell to a two-month low, at 4.28%, and the yield on the rate-sensitive 2-year US government bond slipped to 4.731% amid speculations that the official job data will fall short of expectations. 
• The US Dollar did react positively to the data, though a further decline in the US Treasury bond yields offered support to the yellow metal and lifted it to a fresh weekly peak during the Asian session on Thursday.
• Traders now look forward to the release of the Weekly Initial Jobless Claims data from the US for some impetus, though the focus will remain glued to the US monthly employment details, or the Nonfarm Payrolls (NFP) on Friday.

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