India Gold price today: Gold rises, 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 62,151 Indian Rupees (INR) per 10 grams, up INR 99 compared with the INR 62,052 it cost on Thursday.

As for futures contracts, Gold prices increased to INR 62,070 per 10 gms from INR 61,986 per 10 gms.

Prices for Silver futures contracts increased to INR 71,875 per kg from INR 71,730 per kg.

Global Market Movers: Comex Gold price struggles to gain traction amid mixed fundamental cues

• The benchmark 10-year US Treasury yield retreats further from over a one-month high touched last week and lends support to the Comex Gold price for the second straight day on Friday.
• Data released on Thursday showed that the US economy expanded at an annual rate of 3.3% during the fourth quarter of 2023, beating consensus estimates for a reading of 2.0%.
• Further details of the report indicated that the core PCE Price Index was unchanged during the September-December period, suggesting that inflation pressures are receding.
• This validated the view that the world's largest economy is more likely to avoid a recession and overshadowed a rise in the US Weekly Initial Jobless Claims, to 214K last week.
• Separately, the US Census Bureau reported that US Durable Goods Orders were flat in December, while new orders excluding transportation and defense increased 0.3%.
• Investors remain worried that the Israeli-Hamas war could trigger a broader regional conflict as multiple nations and armed groups continue targeting each other’s territories.
• Adding to this, economists expect the global economy to weaken in 2024, which, in turn, is seen as another factor acting as a tailwind for the safe-haven precious metal.
• Market participants, meanwhile, remain uncertain over the timing of when the Federal Reserve will start lowering borrowing costs amid a still-resilient domestic economy.
• Traders now look to the US Personal Consumption Expenditures Price Index for cues about the Fed's future policy decisions and determine the near-term trajectory for the XAU/USD.

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