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

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

The price for Gold stood at 9,187.63 Indian Rupees (INR) per gram, up compared with the INR 9,130.41 it cost on Wednesday.

The price for Gold increased to INR 107,165.40 per tola from INR 106,495.30 per tola a day earlier.

Daily Digest Market Movers: Gold price buying remains unabated amid safe-haven demand, weaker USD

The Republican-controlled US House of Representatives Rules Committee voted to advance President Donald Trump's sweeping tax-cut and spending bill, setting the stage for a vote on the House floor. The highly anticipated "One Big, Beautiful Bill" could add around $3 trillion to $5 trillion to the country's already hefty debt pile.

Furthermore, a crucial auction of 20-year Treasury bonds on Wednesday saw soft demand, pointing to growing worries that the tax and spending bill will worsen the US budget deficit at a faster pace than previously expected. This comes after Moody's downgraded the US sovereign credit rating from the top "Aaa" last Friday.

The US Dollar has been trending lower on the back of US fiscal concerns. Adding to this, bets that the Federal Reserve will lower interest rates further this year amid evidence of easing inflation and a dismal growth forecast continue to push the USD lower, lifting the non-yielding Gold price to a nearly two-week high on Thursday.

Meanwhile, China accused the US of abusing export control measures and violating Geneva trade agreements after the US issued guidance warning companies not to use Huawei's Ascend AI chips. China's Commerce Ministry said on Wednesday that US measures on advanced chips are 'typical of unilateral bullying and protectionism.'

On the geopolitical front, Israel's military continued to pound the Gaza Strip and block desperately needed food aid. Adding to this, Trump reportedly told European leaders that Russian President Vladimir Putin isn't ready to end the war with Ukraine as he thinks he is winning, which lends additional support to the safe-haven commodity.

Traders now look to the release of flash PMI prints for a fresh insight into the global economic health. The US economic docket also features the release of the usual Weekly Initial Jobless Claims and Existing Home Sales, which might influence the USD. This, along with the broader risk sentiment, could drive the precious metal.

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.)