India Gold price today: Gold extends upsurge, according to MCX data

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

Gold price stood at 62,527 Indian Rupees (INR) per 10 grams, up INR 909 compared with the INR 61,618 it cost on Wednesday.

As for futures contracts, Gold prices decreased to INR 62,790 per 10 gms from INR 62,808 per 10 gms.

Prices for Silver futures contracts decreased to INR 77,350 per kg from INR 77,274 per kg.

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Global Market Movers: Comex Gold price consolidates strong gains ahead of US PCE data

• The recent remarks from several Federal Reserve officials suggested that the central bank may be done raising interest rates and continue to act as a tailwind for the Comex Gold price.
• Fed Governor Christopher Waller flagged a possible rate cut in the months ahead and Cleveland Fed President Loretta Mester saw clear progress in getting inflation to 2%.
• The markets are now pricing in a cumulative 100 bps of rate cuts by the Fed in 2024, which is reinforced by a further decline in the US Treasury bond yields.
• The yield on the benchmark 10-year US government bond, which breached 5% in October for the first time in 16 years, languishes near its lowest level since September 14.
• Furthermore, the yield on the rate-sensitive two-year US Treasury note is at its lowest since July and continues to undermine the US Dollar, lending support to the XAU/USD.
• The second estimate of the US GDP showed that the world's largest economy grew by a 5.2% annualized pace during the third quarter as compared to the 4.9% reported previously.
• The upbeat US macro data did provide a modest lift to the USD on Wednesday, though dovish Fed expectations keep a lid on any meaningful recovery from a multi-month low.
• The latest data published by the National Bureau of Statistics (NBS) showed that China’s Manufacturing PMI ticked down to 49.4 in November from 49.5 in the prior month.
• The non-manufacturing PMI dropped to 50.2 in November from the 50.6 previous, fueling concerns about the worsening conditions in the world's second-largest economy.