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

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

Gold price stood at 62,439 Indian Rupees (INR) per 10 grams, up INR 258 compared with the INR 62,181 it costed on Thursday.

As for futures contracts, Gold prices increased to INR 62,516 per 10 gms from INR 62,223 per 10 gms.

Prices for Silver futures contracts decreased to INR 75,768 per kg from INR 75,457 per kg.

Daily Digest Market Movers: Comex Gold price flirts with multi-week high amid Fed rate cut bets, ahead of US PCE data

• Expectations for an imminent shift in the Federal Reserve's policy stance lift the Comex Gold price to its highest since December 4 on the last day of the week.
• A slew of Fed officials recently tried to push back against the idea of rapid interest rate cuts next year, though failed to change investor sentiment.
• The CME Group's FedWatch Tool indicates a greater chance of a Fed rate cut move by March 2024 and 150 bps of cumulative cuts by the year-end.
• The bets were reaffirmed by data showing that the US economy grew by a 4.9% annualized pace in the third quarter vs. the 5.2% rise previously reported.
• The Labor Department reported that Initial Jobless Claims increased to 205,000 during the week ended December 16 and remained at historically low levels.
• The benchmark 10-year US Treasury bond yield hovers near its lowest level since July, while the US Dollar recovers a bid from a five-month through.
• This, along with the prospect of a global rate-cutting cycle, might continue to benefit the non-yielding yellow metal and favour bullish traders.
• A plunge in UK inflation during November, to its lowest rate in over two years, raised hopes that the Bank of England will start cutting rates in the first half of 2024.
• Adding to this, the recent run of softer inflation data from the Eurozone suggests that the risk is towards earlier rate cuts by the European Central Bank.
• The US Core Personal Consumption Expenditure (PCE) Price Index could offer cues about the Fed's policy outlook and provide a fresh impetus to the XAU/USD.

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