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

Gold prices fell in India on Monday, according to data compiled by FXStreet.

The price for Gold stood at 6,216.10 Indian Rupees (INR) per gram, down INR 3.82 compared with the INR 6,219.92 it cost on Friday.

The price for Gold decreased to INR 72,503.40 per tola from INR 72,547.98 per tola.

FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.

Global Market Movers: Comex Gold price struggles to lure buyers despite softer US Dollar

• The US inflation report was in line with estimates and reinforced expectations that the Federal Reserve will cut interest rates this year, which is undermining the US Dollar and acting as a tailwind for the Comex Gold price. 
• The US Bureau of Economic Analysis (BEA) reported on Friday that the Personal Consumption Expenditures (PCE) Price Index rose 0.3% in April and held steady at 2.7% on a yearly basis, matching consensus estimates.
• The Core PCE Price Index, which excludes volatile food and energy prices, also matched expectations, and rose 2.8% on a yearly basis, while Personal Income and Personal Spending grew 0.3% and 0.2% respectively. 
• The data lifts bets for an imminent Fed rate cut this year and leads to a further decline in the US Treasury bond yields, keeping the USD bulls on the defensive and lending support to the non-yielding yellow metal. 
• Adding to this, tensions surrounding the Middle East turn out to be another factor limiting the downside for the safe-haven XAU/USD, though a generally positive tone around the equity markets should cap the upside. 
• China's Caixin S&P Global Manufacturing Purchasing Managers' Index (PMI) rose to 51.7 in May from 51.4 previous and pointed to signs of stabilization in the world's second-largest economy, boosting investors' confidence. 
• Furthermore, the latest optimism over a new ceasefire plan for Gaza announced by US President Joe Biden is holding back traders from placing aggressive bullish bets around the commodity. 
• Market participants now look forward to the release of the final global Manufacturing PMI prints for short-term trading opportunities ahead of the US ISM Manufacturing PMI later during the day. 
• Investors this week will also confront important US macro releases, including the NFP report and key central bank event risks – the BoC policy decision on Wednesday, followed by the ECB meeting on Thursday. 

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