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

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

The price for Gold stood at 8,775.74 Indian Rupees (INR) per gram, up compared with the INR 8,734.17 it cost on Thursday.

The price for Gold increased to INR 102,358.50 per tola from INR 101,873.60 per tola a day earlier.

Daily Digest Market Movers: Gold price might struggle to capitalize on hopes for a US-China trade deal

• China's Commerce Ministry said on Friday that the US has recently, through relevant channels, actively conveyed messages to engage in talks on tariff issues and the country is assessing the proposal to start negotiations. This adds to the optimism over a possible easing of the tit-for-tat tariff war between the world's two largest economies.

• Moreover, hopes for tariff deals between the US and its trading partners lifted the US Dollar to a three-week high and dragged the Gold price to the $3,200 neighborhood on Thursday. The USD bulls, however, turn cautious amid bets for more aggressive policy easing by the Federal Reserve and ahead of the US Nonfarm Payrolls report.

• Traders ramped up their bets that the US central bank will deliver four quarter-point rate reductions by the year-end after data released this week showed that the US economy unexpectedly contracted for the first time since 2022. Moreover, the Personal Consumption and Expenditure (PCE) Price Index pointed to signs of easing inflation.

• Adding to this, the US ADP report on private-sector employment suggested that the US labor market is cooling. Furthermore, the US Department of Labor reported on Thursday that initial jobless claims increased from 223,000 to 241,000 in the week ended April 26 - marking the highest level since February.

• Meanwhile, the US ISM Manufacturing PMI remained firmly in contraction territory for the second straight month, though it fell less than expected, from 49.0 to 48.7 in April. Traders now look forward to the release of the US monthly employment details for fresh cues about the Fed's policy outlook.

• The popularly known US Nonfarm Payrolls (NFP) report is expected to show that the economy added 130K new jobs in April, sharply lower than 228K in the previous month. The Unemployment Rate, however, is expected to hold steady at 4.2%, while Average Hourly Earnings might have risen by 0.3%. 

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.)