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

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

Gold price stood at 73,880 Indian Rupees (INR) per 10 grams, up INR 27 compared with the INR 73,853 it cost on Tuesday.

As for futures contracts, Gold prices decreased to INR 73,813 per 10 gms from INR 74,021 per 10 gms.

Prices for Silver futures contracts decreased to INR 94,331 per kg from INR 94,725 per kg.

Global Market Movers: Comex Gold price struggles amid heightened tension ahead of Fed Minutes

• Fed Governor Christopher Waller said that he does not think further rate hikes will be necessary, adding he will need some convincing data before he backs cuts anytime soon. 
• Atlanta Fed President Raphael Bostic noted that the US central bank has to be cautious about the first-rate move. Bostic further stated that he would “rather wait longer for a rate cut to be sure inflation does not start to bounce around.”
• Cleveland Fed President Loretta Mester said that keeping rates restrictive is not a concern right now given the strength of the jobs market.
• Boston Fed President Susan Collins said on Wednesday that progress toward a lower interest rate adjustment will take longer. 
• Financial markets expect the first cut to happen in September at the earliest, with two reductions of a quarter percentage point before the end of the year, according to the CME Group’s FedWatch tool. 
• On Tuesday, the US officially announced tariff hikes on a wide range of Chinese goods, while China  may consider increasing temporary tariff rates on imported cars equipped with large-displacement engines. 

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