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

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

The price for Gold stood at 9,179.94 Indian Rupees (INR) per gram, up compared with the INR 9,132.11 it cost on Tuesday.

The price for Gold increased to INR 107,073.10 per tola from INR 106,515.10 per tola a day earlier.

Daily Digest Market Movers: Gold price benefits from a favorable update on Trump's tariffs

• US President Donald Trump received a favorable update on Tuesday as a federal appeals court ruled that his "Liberation Day" tariffs can temporarily stay in effect. Last month, the US Court of International Trade blocked the implementation of Trump's tariffs, saying that the method used to enact them was unlawful.

• The latest development comes as the US and China, following two days of talks in London, agreed on a framework to implement the Geneva Consensus and ease trade tensions. US Commerce Secretary Howard Lutnick indicated the deal should resolve issues between the two countries surrounding rare earths and magnets.

• Russia continues with its strikes on Ukraine's northeastern city of Kharkiv after rejecting an unconditional ceasefire earlier this month. Moreover, Israel continues to bombard the Gaza Strip relentlessly, keeping geopolitical risks in play and driving safe-haven flows toward the Gold price on Wednesday.

• The stronger-than-expected US Nonfarm Payrolls report released last Friday pointed to a still resilient labor market, forcing investors to scale back their bets for an imminent interest rate cut by the Federal Reserve. Markets, however, are still pricing in the possibility of two rate reductions by the end of this year.

• The US Dollar, however, remains confined to a familiar range, just above its lowest level since April 22, which it touched last week, as investors await more cues about the Fed's rate-cut path. Hence, the focus remains glued to the release of the US Consumer Price Index (CPI) report later during the North American session.

• This will be followed by the US Producer Price Index (PPI) on Thursday, which will play a key role in influencing the near-term USD price dynamics and provide some meaningful impetus to the commodity. In the meantime, the supportive fundamental backdrop should act as a tailwind for the XAU/USD.

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.)