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Gold prices rose in India on Thursday, according to data compiled by FXStreet. The price for Gold stood at 6,294.29 Indian Rupees (INR) per gram, up compared with the INR 6,257.45 it cost on Wednesday. The price for Gold increased to INR 73,415.39 per tola from INR 72,985.62 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 6,294.29 10 Grams 62,942.92 Tola 73,415.39 Troy Ounce 195,776.20   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 sits at weekly highs even as USD bounces The uncertainty over the likely timing of when the Federal Reserve will start cutting interest rates keeps traders on the sidelines and leads to subdued range-bound price action around the Gold price.  The Fed projected only one interest rate cut this year as compared to three projected in March, which acts as a tailwind for the US Treasury bond yields and caps the upside for the non-yielding yellow metal. The US Retail Sales data released on Tuesday pointed to lackluster economic activity, which, along with weaker US consumer and producer prices, should allow the Fed to ease monetary policy soon. The current market pricing indicates a greater chance of the first rate cut in September and the possibility of one more rate cut in November or December, offering some support to the XAU/USD. Ukrainian drone strikes on Russian energy infrastructure and Israel’s warning that an all-out war with Iran-backed Hezbollah was coming soon point to escalating geopolitical risk in Europe and the Middle East.  Adding to this, concerns that a new…

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Filed under: News - @ June 20, 2024 7:18 am