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 71,290 Indian Rupees (INR) per 10 grams, down INR 487 compared with the INR 71,777 it cost on Wednesday.

As for futures contracts, Gold prices increased to INR 70,758 per 10 gms from INR 70,725 per 10 gms.

Prices for Silver futures contracts decreased to INR 81,070 per kg from INR 81,227 per kg.

Global Market Movers: Comex Gold price reverses post-Fed rebound

• Federal Reserve Chair Jerome Powell warned on Wednesday that interest rates will remain high for longer as disinflation has slowed in recent months and acts as a headwind for the Comex Gold price. 
• The US Treasury bond yields reversed a part of the previous day's post-FOMC slide, helping revive the demand for the US Dollar and contributing to capping the upside for the non-yielding yellow metal. 
• Meanwhile, the global risk sentiment got a boost after Powell signaled that the next move from the Fed was still likely to be an interest rate cut, which further undermines the safe-haven XAU/USD.
• This, along with easing geopolitical tensions, suggests that the path of least resistance for the commodity is to the downside, though the lack of selling warrants caution for bearish traders. 
• Investors might also prefer to move to the sidelines ahead of the release of the closely watched US monthly employment details, popularly known as the Nonfarm Payrolls (NFP) report on Friday.
• In the meantime, Thursday's US economic docket – featuring Challenger Job Cuts, the usual Weekly Initial Jobless Claims, and Trade Balance data – will be looked upon for short-term trading impetus.

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