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

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

Gold price stood at 62,052 Indian Rupees (INR) per 10 grams, down INR 168 compared with the INR 62,220 it cost on Wednesday.

As for futures contracts, Gold prices decreased to INR 61,986 per 10 gms from INR 62,141 per 10 gms.

Prices for Silver futures contracts decreased to INR 71,730 per kg from INR 71,502 per kg.

Global Market Movers: Comex Gold price ekes out small intraday gains amid a softer USD

• The US Dollar bulls remain on the defensive, which, along with geopolitical tensions stemming from conflicts in the Middle East, lend some support to the safe-haven Comex Gold price.
• Iran-backed Houthi rebels in Yemen targeted two US-owned commercial ships sailing close to the Gulf of Aden on Wednesday in the face of multiple rounds of US military airstrikes.
• This comes after the US military carried out pre-emptive strikes against the Houthis to stave off what it said was an imminent attack on shipping lanes in the important Red Sea trade route.
• The S&P Global flash US Composite PMI Output Index increased to 52.3 this month, or the highest since June, suggesting that the economy kicked off 2024 on a stronger note.
• The flash US Manufacturing PMI rebounded from 47.9 to a 15-month high of 50.3 in January, while the gauge for the services sector climbed to 52.9, or the highest reading since last June.
• The data further pointed to a still-resilient US economy and forced investors to further pare their bets for a more aggressive monetary policy easing by the Federal Reserve in 2024.
• The yield on the benchmark 10-year US government bond hovers near the monthly peak, which should act as a tailwind for the Greenback and cap gains for the non-yielding yellow metal.
• The Advance US Q4 GDP print is due this Thursday and is expected to show that growth in the world's largest economy slowed to a 2% annualized pace from 4.9% in the previous quarter.
• Thursday's US economic docket also features the release of Durable Goods Orders and the usual Weekly Initial Jobless Claims, which might influence the Greenback and the XAU/USD.
• Apart from this, the outcome of the highly-anticipated European Central Bank meeting might infuse volatility in the markets and produce short-term trading opportunities.
• The market focus, meanwhile, will remain glued to the US Personal Consumption Expenditures Price Index data – the Fed's preferred inflation gauge – on Friday.

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