India Gold price today: Gold keeps the red, 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 60,759 Indian Rupees (INR) per 10 grams, down INR 361 compared with the INR 61,120 it cost on Tuesday.

As for futures contracts, Gold prices decreased to INR 61,136 per 10 gms from INR 61,181 per 10 gms.

Prices for Silver futures contracts decreased to INR 71,681 per kg from INR 71,862 per kg.

Global Market Movers: Comex Gold price is undermined by reduced bets for a dovish Fed pivot

• The uncertainty over the Federal Reserve’s near-term policy outlook holds back traders from placing directional bets around the Comex Gold price and leads to subdued range-bound price action.
• Data released from the United States on Tuesday showed that consumer prices rose unexpectedly in November, forcing traders to further scale back bets for a rate cut in March.
• The US Labor Department reported that the headline Consumer Price Index (CPI) edged up 0.1% in November and the yearly rate ticked down to 3.1% from the 3.2% previous.
• The annual Core CPI inflation, which excludes volatile food and energy prices, held steady at 4.0% as forecast and rose 0.1% on a monthly basis, little changed from the previous month.
• The November numbers were still well above the Fed's 2% target and come on top of the stronger-than-expected US jobs report last Friday, pointing to a still resilient economy.
• The market focus remains glued to the outcome of the crucial two-day FOMC monetary policy meeting, scheduled to be announced later during the US session this Wednesday.
• Investors will look for fresh cues about the timing of when the Fed may start cutting rates in 2024, which, in turn, will drive the US Dollar demand and influence the yellow metal.
• Hopes for more stimulus from policymakers in China overshadow the risk of a further escalation of geopolitical tensions in the Middle East and remain supportive of the risk-on mood.
• Reporting on the annual Central Economic Work Conference that ended on Tuesday, state media said that China will step up policy adjustments to support economic recovery in 2024.
• A senior Communist Party official said on Wednesday that China should set its 2024 fiscal deficit and special local government bonds at appropriate levels and optimize the structure of fiscal spending.
• Yemen's Iran-backed Houthi rebels issue regulations for navigating through the Red Sea amid the Israel embargo and the warning includes a restriction on travel towards "Occupied Palestinian territories".
• The US on Tuesday imposed new sanctions on more than 250 individuals and entities in an effort to crack down on Russia’s evasion of sanctions imposed after its invasion of Ukraine.
• This, however, does little to temper investors' appetite for perceived riskier assets or dampen the underlying bullish market sentiment and benefit the safe-haven precious metal.

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