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

Gold prices remained broadly unchanged in India on Wednesday, according to data compiled by FXStreet.

The price for Gold stood at 8,451.82 Indian Rupees (INR) per gram, broadly stable compared with the INR 8,445.86 it cost on Tuesday.

The price for Gold was broadly steady at INR 98,580.41 per tola from INR 98,510.83 per tola a day earlier.

Daily Digest Market Movers: Gold price bulls turn cautious ahead of the highly-anticipated FOMC decision

• Gold price shot to a fresh record high, around the $3,038-3,039 region on Tuesday as rising Middle East tensions and concerns about US President Donald Trump's tariff plans continue to fuel demand for the safe-haven asset.

• Israeli airstrikes on Hamas targets in Gaza, killing more than 400 people. Israeli Prime Minister Benjamin Netanyahu said he ordered strikes because Hamas had rejected proposals to extend the ceasefire held since January. 

• Trump has threatened to impose reciprocal and sectoral tariffs, which he said will come into effect on April 2. This comes on top of a flat 25% duty on steel and aluminum since February, fueling global trade war fears.

• Traders ramp up their bets that the Federal Reserve will have to lower interest rates this year by more than expected amid the rising possibility of an economic downturn on the back of the Trump administration's aggressive policies. 

• The current market pricing indicated the possibility that the Fed could lower borrowing costs by 25 basis points each at the June, July, and October monetary policy meetings, which further underpins the now-yielding yellow metal.

• The US Dollar stages a modest bounce from over a five-month low touched on Tuesday as traders opt to lighten their bearish bets ahead of the FOMC decision, scheduled to be announced later during the US session this Wednesday. 

• The accompanying monetary policy statement and comments by Fed Chair Jerome Powell will be scrutinized closely for cues about the future rate cut path, which will drive the USD demand and influence the XAU/USD pair.

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.)