India Gold price today: Gold edges higher, according to MCX data

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

Gold price stood at 62,066 Indian Rupees (INR) per 10 grams, up INR 16 compared with the INR 62,050 it cost on Thursday.

As for futures contracts, Gold prices increased to INR 62,210 per 10 gms from INR 61,788 per 10 gms.

Prices for Silver futures contracts decreased to INR 72,034 per kg from INR 71,354 per kg.

Global Market Movers: Comex Gold price cheers Middle East tensions, subdued USD demand

• The mixed US consumer inflation figures raised expectations that the Federal Reserve could delay a much-anticipated rate cut in March and dragged the Comex Gold price to a one-month low on Thursday.
• The headline US CPI accelerated from the 3.1% YoY rate to 3.4% in December, while the core gauge (excluding volatile food and energy prices) registered its smallest yearly gains since May 2021.
• Cleveland Fed President Loretta Mester commented on the latest CPI figures and said that it would likely be too soon for the US central bank to cut its interest rates at the March policy meeting.
• Adding to this, Richmond Fed chief Tom Barkin noted that the central bank needs to be convinced that inflation is headed to target and will be open to lowering rates once inflation is on track to 2%.
• Separately, Chicago Fed President Austan Goolsbee said that the central bank is still on a comfortable path forward on inflation and will have to evaluate policy restrictiveness as inflation continues to decline.
• According to the CME group's FedWatch Tool, the markets are still pricing in over a 65% probability of a rate cut in March, which is seen acting as a tailwind for the non-yielding yellow metal.
• The yield on the benchmark 10-year US government bond remains depressed below the 4.0% threshold, which keeps the US Dollar bulls on the defensive and benefits the non-yielding metal.
• The US and UK forces carried out attacks against multiple Houthi targets in reaction to drone and missile attacks on ships in the Red Sea, raising the risk of a further escalation of geopolitical tensions.
• The Chinese inflation figures released this Friday fuel deflationary risks, while a 0.3% fall in imports during 2023 pointed to sluggish domestic demand and added to worries about slow economic recovery.
• Comex Gold price remains on track to end in the red for the second successive week as traders now look to the US Producer Price Index and Minneapolis Fed President Neel Kashkari's speech for a fresh impetus.

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