India Gold price today: Gold falls, 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 63,078 Indian Rupees (INR) per 10 grams, down INR 230 compared with the INR 63,308 it cost on Tuesday.

As for futures contracts, Gold prices decreased to INR 63,126 per 10 gms from INR 63,257 per 10 gms.

Prices for Silver futures contracts decreased to INR 73,589 per kg from INR 74,095 per kg.

Global Market Movers: Comex Gold price stays weak amid rising US Treasury bond yields

• A combination of supporting factors assists the Comex Gold price to regain positive traction on Wednesday and snap a three-day losing streak.
• Bets that the Federal Reserve will cut interest rates in March turn out to be a key factor lending support to the non-yielding yellow metal.
• The possibility of a further escalation of conflict in the Red Sea, along with China's economic woes, also acts as a tailwind for the safe-haven metal.
• 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 survey 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 consolidates the overnight strong gains to a more than one-week top, helped by a sharp rise in the US bond yields, and caps the commodity.
• Traders might also prefer to wait on the sidelines ahead of the US ISM Manufacturing PMI, JOLTS Job Openings data and the crucial FOMC meeting minutes.

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