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

Gold prices fell in India on Friday, according to data compiled by FXStreet.

The price for Gold stood at 8,145.09 Indian Rupees (INR) per gram, down compared with the INR 8,153.50 it cost on Thursday.

The price for Gold decreased to INR 95,002.70 per tola from INR 95,100.79 per tola a day earlier.

Daily Digest Market Movers: Gold price traders keenly await the US NFP report before placing fresh directional bets

• Mounting worries over the potential impact of US President Donald Trump's trade tariffs on the US economy keep the US Dollar depressed near its lowest level since November 11 and should act as a tailwind for the Gold price.

• The uncertainty surrounding Trump's trade policies, especially after another U-turn on the recently imposed tariffs on Mexico and Canada, continues to weigh on investor sentiment and could support the safe-haven precious metal.

• Trump on Thursday exempted goods from both Canada and Mexico that comply with the US-Mexico-Canada Agreement for a month from the steep 25% tariffs, which went into effect earlier this week on Tuesday.

• Traders have been pricing in the possibility of further policy easing by the Federal Reserve amid concerns about an economic slowdown in the US, which further undermines the USD and benefits the non-yielding yellow metal.

• Philadelphia Fed President Patrick Harker on Thursday flagged growing threats to economic growth and risks to the inflation outlook, though acknowledged that the economy appears to be growing, with still low unemployment.

• Separately, Atlanta Fed President Raphael Bostic noted that the US economy is in incredible flux and it's hard to know where things will land. The central bank needs to be mindful of any changes that impact prices and employment.

• Meanwhile, Fed Governing Board Member Christopher Waller said he leans strongly against a rate cut at the March meeting, although he reckons cuts later in the year remain on track if inflationary pressures continue to abate.

• On the economic data front, the US Initial Jobless Claims fell more than expected, to 221K during the week ended March 1, though it failed to provide any respite to the USD bulls or influence the XAU/USD pair.

• Traders keenly await the release of the crucial US Nonfarm Payrolls (NFP) report, which is expected to show that the economy added 160K new jobs in February and the Unemployment Rate held steady at 4%.

FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.

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