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

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

Gold price stood at 71,668 Indian Rupees (INR) per 10 grams, down INR 893 compared with the INR 72,561 it cost on Thursday.

As for futures contracts, Gold prices decreased to INR 71,531 per 10 gms from INR 71,577 per 10 gms.

Prices for Silver futures contracts decreased to INR 91,030 per kg from INR 900,437 per kg.

Global Market Movers: Comex Gold price retreats from record highs amid the Fed’s hawkish remarks

• The US Initial Jobless Claims fell by 8K to 215K for the week ending May 18. This figure came in lower than the expectation of 220K and the previous week's reading of 223K.
• The flash US S&P Global Manufacturing PMI rose to 50.9 in May from 50.0 in April. The Services PMI climbed to 54.8 in May from the previous reading of 51.3. Both figures came in better than the estimation. 
• The US S&P Global Composite PMI jumped to 54.4 in May from 51.3 in April, beating the market expectation of 51.1, the highest level since April 2022.
• Atlanta Fed President Raphael Bostic said that he still sees upward inflation pressure, adding the Fed may need to be more patient to avoid heating the economy.
• China’s private sector imported 543 tonnes of gold in Q1 2024, and the People’s Bank of China (PBoC) added another 189 tonnes to its reserves during the same period, according to the latest analysis by Gainesville Coins’ Jan Nieuwenhuijs.
• Gold imports to India, the world's second-largest gold consumer, might decline by about a fifth in 2024 as high prices encourage retail customers to exchange old jewelry for new products, per Reuters. 

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