India Gold price today: Gold regains upside traction, 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 61,229 Indian Rupees (INR) per 10 grams, up INR 54 compared with the INR 61,175 it cost on Friday.

As for futures contracts, Gold prices increased to INR 62,052 per 10 gms from INR 61,937 per 10 gms.

Prices for Silver futures contracts decreased to INR 76,340 per kg from INR 76,485 per kg.

An automation tool was used in creating this post.

Global Market Movers: Comex Gold price at six-month highs, supported by dovish Fed expectations

• Growing acceptance that the Federal Reserve is done raising rates assists the non-yielding Comex Gold price to hold steady above the $2,000 psychological mark.
• Softer US consumer inflation figures released two weeks ago lifted bets that the Fed will hold rates at the current levels and begin easing policy in 2024.
• Data released on Monday showed that sales of new single-family homes in the US fell more than expected in October as higher mortgage rates reduced affordability.
• The benchmark 10-year US Treasury bond yield languishes near a two-month low and drags the US Dollar to a near three-month low, benefitting the XAU/USD.
• Looming recession risks lend additional support to the safe-haven precious metal, though a positive tone around the equity markets caps any further gains.
• Traders now look to the Conference Board's US Consumer Confidence Index and speeches by Fed officials for some impetus later during the North American session.
• The market focus, meanwhile, will remain glued to the release of the Fed's preferred inflation gauge – the core PCE Price Index – scheduled on Thursday.