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

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

Gold price stood at 71,900 Indian Rupees (INR) per 10 grams, down INR 216 compared with the INR 72,116 it cost on Friday.

As for futures contracts, Gold prices increased to INR 71,564 per 10 gms from INR 71,500 per 10 gms.

Prices for Silver futures contracts increased to INR 82,617 per kg from INR 82,496 per kg.

Global Market Movers: Comex Gold price struggles for a firm direcion amid mixed fundamental cues

• The US Bureau of Economic Analysis reported on Friday that the Personal Consumption Expenditures (PCE) Price Index rose 0.3% in March, while the yearly rate climbed to 2.7% from 2.5% in February, beating estimates for a reading of 2.6%.
• Meanwhile, the core PCE Price Index, which excludes volatile food and energy prices, held steady at 2.8% as compared to 2.6% anticipated, reaffirming hawkish Federal Reserve expectations and exerting pressure on the non-yielding Gold price on Comex. 
• Further, Israel-Hamas peace talks in Cairo fuel optimism about the de-escalation of tensions in the Middle East, which further boosts investors' appetite for riskier assets and contributes to driving flows away from the safe-haven precious metal. 
• That said, Ukraine attacked more Russian oil refineries over the weekend and also called on more military aid from the US over worsening conditions on the front lines, keeping geopolitical risks in play and lending support to the XAU/USD. 
• Apart from this, evidence that inflation in the US is not easing as initially expected should act as a tailwind for the metal, which is seen as a hedge against inflation, ahead of the crucial two-day FOMC monetary policy meeting starting on Tuesday.
• Investors this week will also confront the release of important US macro data scheduled at the beginning of a new month, including the closely-watched monthly jobs data - popularly known as the Nonfarm Payrolls (NFP) report on Friday. 

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