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

Gold prices remained broadly unchanged in India on Thursday, according to data compiled by FXStreet.

The price for Gold stood at 9,211.57 Indian Rupees (INR) per gram, broadly stable compared with the INR 9,203.14 it cost on Wednesday.

The price for Gold was broadly steady at INR 107,441.90 per tola from INR 107,343.70 per tola a day earlier.

Daily Digest Market Movers: Gold price draws support from a weaker USD and Fed rate cut bets

US President Donald Trump escalated his criticism of Federal Reserve Chair Jerome Powell for not cutting rates and said he was considering several candidates to replace him. In fact, Powell reiterated on Wednesday that the central bank is well-positioned to wait to cut interest rates until the inflationary effects of Trump's wide-ranging tariffs are better known.

The Trump-Powell standoff comes on top of bets that the Fed would cut interest rates by at least 50 basis points before the end of the year. This, in turn, drags the US Dollar to over a three-year low and assists the non-yielding Gold price to attract some buyers for the second straight day on Thursday, though the intraday uptick seems to lack bullish conviction.

The fragile truce between Israel and Iran continues to hold, with Trump declaring victory despite the uncertainty regarding the extent of the damage to Iran's uranium enrichment assets. Nevertheless, the optimism holds back the XAU/USD bulls from placing aggressive bets and warrants some caution before positioning for any further appreciating move.

Moving ahead, traders now look to the US economic docket - featuring the release of the final Q1 GDP print, the usual Weekly Jobless Claims, Durable Goods Orders, and Pending Home Sales. Apart from this, investors will closely scrutinize comments from FOMC members for cues about the Fed's rate-cut path, which should influence the commodity.

The market attention will then shift to the US Personal Consumption and Expenditure (PCE) Price Index, due on Friday. The crucial inflation data will play a key role in determining the next leg of a directional move for the USD and influence the bullion, which, so far, has been struggling to register any meaningful recovery from over a two-week low.

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.)