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 71,777 Indian Rupees (INR) per 10 grams, down INR 123 compared with the INR 71,900 it cost on Monday.

As for futures contracts, Gold prices decreased to INR 70,977 per 10 gms from INR 71,602 per 10 gms.

Prices for Silver futures contracts decreased to INR 81,250 per kg from INR 82,483 per kg.

Global Market Movers: Comex Gold price extends losses amid goodish US Dollar rebound

• Friday's release of the US Personal Consumption Expenditures (PCE) Price Index pointed to still sticky inflation and reaffirmed bets that the Federal Reserve will begin its rate-cutting cycle only in September. 
• Hawkish Fed expectations act as a tailwind for the US Dollar, which, along with a generally positive risk tone, turn out to be key factors that contribute to capping the upside for the non-yielding Gold price on Comex.
• The global risk sentiment remains well supported on the back of receding fears about any further escalation of conflict between Iran and Israel and the latest optimism over Israel-Hamas peace talks in Cairo.
• Traders, however, now seem to have moved to the sidelines and refrain from positioning for a firm near-term direction ahead of this week's key central bank event risk and important US economic releases.
• The Fed is scheduled to announce its policy decision at the end of a two-day meeting on Wednesday, which will be followed by the release of the closely watched US jobs data, or the Nonfarm Payrolls report on Friday.
• Investors will look for cues about the Fed's future policy decisions and rate-cut path, which, in turn, should influence the USD price dynamics and help in determining the near-term trajectory for the XAU/USD. 
• In the meantime, Tuesday's US economic docket - featuring the Chicago PMI and the Conference Board's Consumer Confidence Index - might provide some impetus later during the North American session.

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