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

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

Gold price stood at 71,357 Indian Rupees (INR) per 10 grams, down INR 1,354 compared with the INR 72,711 it cost on Monday.

As for futures contracts, Gold prices decreased to INR 70,500 per 10 gms from INR 71,197 per 10 gms.

Prices for Silver futures contracts decreased to INR 79,571 per kg from INR 80,579 per kg.

Global Market Movers: Comex Gold price weighed down by easing MidEast tensions, hawkish Fed bets

• Iran signaled that it has no plans to retaliate against the Israeli limited-scale missile strike on Friday, which, in turn, drives flows away from the safe-haven Comex Gold price for the second straight day on Tuesday.
• Stronger-than-expected US payrolls data along with the hotter consumer price inflation and hawkish comments from Federal Reserve officials, forced investors to scale back their bets for US interest rate cuts.
• The current market pricing suggests that the Fed could start its rate-cutting cycle in September and deliver only 34 basis points, or less than two rate cuts in 2024 as compared to three projected by the central bank. 
• The yield on the benchmark 10-year US government bond holds steady just below a five-month high touched last week and continues to act as a tailwind for the US Dollar, further exerting pressure on the XAU/USD. 
• Concerns about slowing global economic growth support prospects for synchronized interest-rate cuts by most major central banks in the second half of this year, which, in turn, could lend support to the commodity.
• Traders look to the flash global PMI prints on Tuesday, which, along with the Advance US Q1 GDP report and the US Personal Consumption Expenditures (PCE) Price Index later this week, should provide a fresh impetus. 

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