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

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

Gold price stood at 71,525 Indian Rupees (INR) per 10 grams, up INR 199 compared with the INR 71,326 it cost on Monday.

As for futures contracts, Gold prices decreased to INR 71,115 per 10 gms from INR 71,321 per 10 gms.

Prices for Silver futures contracts decreased to INR 82,529 per kg from INR 82,838 per kg.

Global Market Movers: Comex Gold price remains firm amid inflationary environment and uncertainty

• Richmond Fed President Thomas Barkin said that the current interest rate level should cool the economy enough to bring down inflation to the 2% target, with the strength of the job market giving officials time to gain confidence that inflation will fall. 
• New York Fed President John Williams stated that there would be rate cuts eventually. Williams further stated that he is seeing job growth moderating and the Fed is looking at the "totality" of data.
• Markets have priced in rate cuts worth 46 basis points (bps) from the Fed by the end of 2024, with the first cut expected in September or November, according to LSEG's rate probability app. 
• Hamas announced its acceptance of an Egyptian-Qatari cease-fire plan on Monday. However, Israel turned down the deal since it did not fulfill its "core demands" and continued its attack on Rafah in southern Gaza. Still, Israel said that it will continue negotiating, per Reuters. 
• Gold has advanced about 12% this year despite the elevated inflationary environment and uncertainty over when the US Fed will cut rates.
• The US employment data showed job growth in the US slowed more than expected in April, while the increase in annual wages fell below 4.0% for the first time in nearly three years.