India Gold price today: Gold rises, 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 61,846 Indian Rupees (INR) per 10 grams, up INR 146 compared with the INR 61,700 it cost on Monday.

As for futures contracts, Gold prices decreased to INR 62,214 per 10 gms from INR 62,291 per 10 gms.

Prices for Silver futures contracts decreased to INR 74,582 per kg from INR 74,410 per kg.

Global Market Movers: Comex Gold price struggles to gain any meaningful traction

• Chicago Federal Reserve President Austan Goolsbee, along with Cleveland Fed President Loretta Mester, pushed back against market bets on interest rate cuts on Monday.
• Goolsbee said that he was confused over the market reaction to last week's FOMC meeting and that the central bank is not precommiting to cutting rates soon and swiftly.
• Separately, Cleveland Fed President Loretta Mester noted that financial markets had gotten a little bit ahead of the central bank on when to expect interest rate cuts next year.
• This comes on the back of New York Fed President John Williams's remarks on Friday that it was premature to speculate about rate cuts and caps the upside for the Comex Gold price.
• The markets, however, seem convinced that the Fed will pivot to easing by the first half of 2024, which continues to undermine the US Dollar and lends support to the metal.
• Concerns over geopolitical risks linked to the conflict in the Middle East should further contribute to limiting any meaningful downfall for the safe-haven precious metal.
• Yemen's Iran-aligned Houthi militants launched a series of drone and missile attacks on ships in the southern Red Sea, which it says are a response to Israel's assault on the Gaza Strip.
• US Defence Secretary Lloyd Austin announced the formation of a multinational coalition and the launch of Operation Prosperity Guardian to address the Houthi threat in the Red Sea.
• Investors now look forward to the US Core Personal Consumption Expenditure (PCE) Price Index on Friday for clues about the Fed's future policy decisions.

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