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

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

Gold price stood at 71,911 Indian Rupees (INR) per 10 grams, up INR 125 compared with the INR 71,786 it cost on Wednesday.

As for futures contracts, Gold prices increased to INR 71,144 per 10 gms from INR 71,050 per 10 gms.

Prices for Silver futures contracts increased to INR 82,568 per kg from INR 82,234 per kg.

Global Market Movers: Comex Gold price rebounds amid weaker USD and softer risk tone

• Investors await key US economic data for clarity about the timing when the Federal Reserve will start cutting rates, leading to subdued range-bound price action around the Comex Gold price for the second straight day on Thursday.
• The first estimate, or the Advance US GDP report is due for release later today and is expected to show that the world's largest economy grew by 2.5% annualized pace during the first quarter as compared to the 3.4% previous.
• The focus will then shift to the Fed's preferred inflation gauge - the core Personal Consumption Expenditures (PCE) Price Index - on Friday, which will play a key role in determining the near-term trajectory for the XAU/USD. 
• The US Census Bureau reported on Wednesday that Durable Goods Orders climbed 2.6% in March as compared to the previous month's downwardly revised 0.7% increase, while new orders excluding transportation rose 0.2%.
• This comes on the back of strong US consumer inflation figures and hawkish remarks by Fed officials, reaffirming bets that the central bank will not begin its rate-cutting cycle before September and capping the non-yielding metal.
• The global risk sentiment remains supported by easing concerns about a further escalation of geopolitical tensions in the Middle East, which is seen as another factor acting as a headwind for the safe-haven precious metal. 
• The US Dollar bulls seem reluctant to place aggressive bets and remain on the defensive ahead of important macro releases, offering some support to the XAU/USD and limiting any meaningful downside for now. 

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