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 9,420.74 Indian Rupees (INR) per gram, up compared with the INR 9,398.42 it cost on Tuesday.

The price for Gold increased to INR 109,881.30 per tola from INR 109,621.30 per tola a day earlier.

Daily Digest Market Movers: Gold price bulls await Fed policy update before placing fresh bets

• Investor attention remains firmly on the upcoming Federal Reserve interest rate decision, due later this Wednesday. The US central bank is expected to keep its benchmark rate unchanged amid concern that US President Donald Trump's tariffs could push up consumer prices.

• Hence, the accompanying policy statement, which includes the updated "dots plot", and Fed Chair Jerome Powell's comments during the post-meeting press conference will be scrutinized closely for cues about the future rate-cut path. The outlook, in turn, should influence the Gold price.

• Heading into the key central bank event risk, the disappointing US macro data released on Tuesday pointed to a softening economy and reaffirmed bets that the Fed will lower borrowing costs in September. This keeps a lid on the overnight US Dollar rally to the weekly peak.

• The US Census Bureau reported that Retail Sales declined by 0.9% in May compared to a contraction of 0.7% expected and a 0.1% dip in April. Moreover, US Industrial Production fell short of estimates and contracted 0.2% in May following a revised 0.1% rise a month earlier.

• Meanwhile, the conflict and continued aerial exchanges between Israel and Iran continued for the sixth straight day. Adding to this, Trump ramped up his rhetoric and demanded Iran's unconditional surrender, fueling speculations over possible US involvement in the war.

• On the trade-related front, Trump told reporters on board Air Force One that tariffs on the Pharma sector are 'coming soon.' This adds a layer of uncertainty ahead of the July 9 deadline for higher reciprocal US tariffs and continues to weigh on investors' sentiment. 

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.)