India Gold price today: Gold falls, according to MCX data

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

Gold price stood at 61,755 Indian Rupees (INR) per 10 grams, down INR 62 compared with the INR 61,817 it cost on Wednesday.

As for futures contracts, Gold prices increased to INR 61,685 per 10 gms from INR 61,505 per 10 gms.

Prices for Silver futures contracts decreased to INR 71,520 per kg from INR 71,456 per kg.

Global Market Movers: Comex Gold price holds the bounce amid a risk-off mood

• A modest US Dollar downtick, along with geopolitical tensions and China's economic woes, assists the Comex Gold price in attracting some buyers in the vicinity of the $2,000 psychological mark on Thursday.
• Yemen-based Houthi rebels claimed their second attack this week on a US-operated vessel in the Red Sea and have threatened to expand attacks in response to the American and British strikes.
• Pakistan undertook series of military strikes against terrorist hideouts in Sistan-Baluchistan province of Iran and said that it will continue to take all necessary steps to safeguard its people.
• China’s economy grew at an annual rate of 5.2% in the final quarter of 2023, more than the official 5% target, though investors remain concerned amid mounting deflationary risks and tepid demand.
• Data released on Wednesday showed that the headline US Retail Sales increased more than anticipated, by 0.6% in December, while core sales – excluding autos – also topped market estimates.
• The data points to still-resilient consumer spending and the underlying strength that the US economy possessed, which could provide the Fed more headroom to keep rates higher for longer.
• Furthermore, Fed Governor Christopher Waller said on Tuesday that the central bank should not rush to cut interest rates until it was clear lower inflation would be sustained.
• The yield on the benchmark 10-year US government bond holds comfortably above the 4% mark, near its highest level since December 13, and should lend some support to the Greenback.
• Traders now look to Thursday's US economic docket – featuring the release of Weekly Initial Jobless Claims, the Philly Fed Manufacturing Index and housing market data – for a fresh impetus.

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