India Gold price today: Gold shines, 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 63,308 Indian Rupees (INR) per 10 grams, up INR 225 compared with the INR 63,083 it cost on Monday.

As for futures contracts, Gold prices increased to INR 63,528 per 10 gms from INR 63,320 per 10 gms.

Prices for Silver futures contracts decreased to INR 74,805 per kg from INR 74,390 per kg.

Global Market Movers: Comex Gold price remains supported by Fed rate cut bets

• Comex Gold price registered a 13% annual rise in 2023, marking its best year since 2020, and seems poised to prolong its recent well-established appreciating trend.
• Hopes that the Federal Reserve will achieve a soft landing for the economy in 2024 and ease its policy as early as March lend support to the yellow metal.
• The CME's FedWatch tool indicates a more than 85% chance that the Fed will deliver a rate cut in March and a cumulative of 150 basis points (bps) rate cut by the year-end. 
• The safe-haven precious metal draws additional support from geopolitical risks stemming from the war in Ukraine and in the Middle East, and China's economic woes.
• US forces struck back against the Iran-backed Houthi group in the Red Sea in response to a series of strikes on several military and commercial vessels in the region.
• The official Chinese PMI released over the weekend indicated a further deterioration in manufacturing activity and little signs of recovery at the end of 2023.
• A private-sector survey, meanwhile, showed on Tuesday that China's factory activity expanded at a quicker pace in December but business confidence for 2024 remained subdued.
• The US Dollar builds on its recovery from a five-month low amid a further rise in the US Treasury bond yields and might cap further gains for the XAU/USD.
• The yield on the benchmark 10-year US government bond recovered further from its lowest level since July touched last week and underpins the buck.
• Traders now look to the release of FOMC minutes on Wednesday and important US macro releases, including the NFP report, for some meaningful impetus.
• This week's busy economic docket also features the ISM Manufacturing PMI and JOLTS Job Openings on Wednesday, followed by the ADP report on Thursday.

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