India Gold price today: Gold extends uptrend, according to MCX data

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

Gold price stood at 62,514 Indian Rupees (INR) per 10 grams, up INR 163 compared with the INR 62,351 it cost on Monday.

As for futures contracts, Gold prices increased to INR 62,553 per 10 gms from INR 62,367 per 10 gms.

Prices for Silver futures contracts increased to INR 72,504 per kg from INR 72,377 per kg.

Global Market Movers: Comex Gold price stays hopeful amid rising tensions in the Middle East

• The ongoing downfall in the US Treasury bond yields, along with the risk of a further escalation of geopolitical tensions in the Middle East, lifted the Comex Gold price higher for the second straight day. 
• The US Treasury lowered its forecast for federal borrowing to $760 billion from a prior estimate of $816 billion and dragged the yield on the benchmark 10-year US government bond closer to 4.0%.
• Reports suggest that President Joe Biden will authorize US military action in response to the drone attack by pro-Iranian militias near the Jordan-Syria border that killed three American soldiers.
• A direct US confrontation with Iran will adversely impact global Crude Oil supplies, which could eventually trigger a possible inflation shock for the world economy and hinder global growth.
• Traders, however, might refrain from placing aggressive directional bets and prefer to move on the sidelines ahead of the critical FOMC monetary policy meeting starting this Tuesday.
• The Fed decision on Wednesday and the accompanying policy statement will be scrutinized for cues about the timing of the first rate cut, which will influence the non-yielding yellow metal.
• In the meantime, Tuesday's release of the Conference Board's Consumer Confidence Index and JOLTS Job Openings data from the US might produce short-term trading opportunities. 

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