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 9,142.70 Indian Rupees (INR) per gram, up compared with the INR 9,094.29 it cost on Thursday.

The price for Gold increased to INR 106,638.60 per tola from INR 106,074.00 per tola a day earlier.

Daily Digest Market Movers: Gold price draws support from sustained safe-haven buying and a weaker USD

• The Republican-controlled US House of Representatives on Thursday narrowly passed President Donald Trump's sweeping tax and spending bill. Trump's dubbed "Big, Beautiful Bill", which will add about $3.8 trillion to the federal government's debt over the next decade, now heads to the Senate for approval.

• This comes on top of escalating US-China trade tensions, which have been fueling worries about the potential economic impact. Adding to this, the prospects for further policy easing by the Federal Reserve continue to undermine the US Dollar and assist the Gold price to stall the previous day's retracement slide.

• On the economic data front, the US Department of Labor (DOL) reported on Thursday that the number of Americans filing for unemployment insurance fell to 227K last week. This pointed to a positive sign for the US labor market and the economy as a whole, which provided a modest lift to the US Dollar.

• Meanwhile, S&P Global's flash estimate showed that the US economy saw a notable rebound in private sector activity in May and the Composite PMI rose to 52.1. Moreover, the US flash Manufacturing PMI increased to 52.3 in May - the highest in three months - and the Services PMI reached a two-month high of 52.3.

• 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. Adding to this, the killing of two Israeli diplomats in the US keeps geopolitical risks in play and should further offer support to the safe-haven precious metal.

• Traders now look forward to the release of New Home Sales data from the US, which, along with speeches by influential FOMC members will drive the USD demand. Apart from this, trade developments and the broader risk sentiment should provide some meaningful impetus to 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.)