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

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

The price for Gold stood at 6,372.52 Indian Rupees (INR) per gram, down INR 0.30 compared with the INR 6,372.81 it cost on Thursday.

The price for Gold decreased to INR 74,328.73 per tola from INR 74,331.23 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 turns cautious ahead of key US jobs data

• Growing acceptance that the Federal Reserve will start cutting interest rates later this year amid signs of a slowdown in the US economy continues to lend some support to the non-yielding Comex Gold price. 
• The US Department of Labor (DoL) reported on Thursday that the number of Americans applying for unemployment insurance benefits increased more than expected by 229K in the week ending June 1.
• This, along with Wednesday's ADP report on private-sector employment, suggests that the US labor market is cooling, cementing bets for a September Fed rate cut and weighing on the US Treasury bond yields. 
• The yield on the benchmark 10-year US government bond languishes near its lowest level in two months, which, in turn, is seen undermining the US Dollar and acting as a tailwind for the yellow metal. 
• The underlying strong bullish sentiment across the global equity markets might hold back traders from positioning for any further gains ahead of the release of the crucial US monthly employment details.
• The popularly known Nonfarm Payrolls (NFP) report is expected to show that the US economy added 185K jobs in May as compared to 175K previous and the unemployment rate held steady at 3.9%. 
• Apart from this, Average Hourly Earnings will influence the inflation trajectory and the Fed's future policy decision, which, in turn, will help in determining the next leg of a directional move for the XAU/USD.

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