India Gold price today: Gold corrects further, according to MCX data

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

Gold price stood at 62,045 Indian Rupees (INR) per 10 grams, down INR 223 compared with the INR 62,268 it cost on Tuesday.

As for futures contracts, Gold prices increased to INR 62,509 per 10 gms from INR 62,185 per 10 gms.

Prices for Silver futures contracts decreased to INR 75,440 per kg from INR 75,279 per kg.

Global Market Movers: Comex Gold price attempts a bounce, awaits US jobs data

• A combination of supporting factors aids the Comex Gold price to stage a modest comeback on Wednesday. The US Dollar lost its recovery momentum amid an improvement in risk sentiment.
• Moody’s Investors Service downgraded its outlook on China’s government credit ratings to negative from stable.
• China's Caixin Services PMI accelerated from 50.4 in October to 51.5 during the reported month, beating market expectations for a reading of 50.8, though it remains well below pre-COVID levels.
• Despite Federal Reserve Chair Jerome Powell's hawkish remarks on Friday, markets seem convinced that the US central bank is done raising rates and may start easing by the first half of the next year.
• The CME group's FedWatch Tool indicates a nearly 60% chance for an interest rate cut by the Fed in March 2024, which drags the US bond yields lower and acts as a headwind for the US Dollar.
• Furthermore, concerns about a darkening global economic outlook temper investors' appetite for riskier assets and drive some flows toward the perceived traditional safe-haven precious metal.
• Traders now look forward to the US ADP jobs data, which is expected to show that the American private sector added 130K jobs in November, up from 113K jobs addition seen in October.
• The main event risk this week, however, will remain the US monthly employment details, popularly known as the NFP report on Friday. The data will shed more light on the labor market conditions.

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