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

Gold prices fell in India on Friday, according to data compiled by FXStreet.

The price for Gold stood at 9,056.93 Indian Rupees (INR) per gram, down compared with the INR 9,152.44 it cost on Thursday.

The price for Gold decreased to INR 105,638.30 per tola from INR 106,752.20 per tola a day earlier.

Daily Digest Market Movers: Gold price bulls seem reluctant despite weaker USD

• The Commerce Department's third and final estimate released on Thursday showed that the US economy contracted more than previously estimated at the start of 2025 on the back of muted consumer spending and tariff-related disruptions. In fact, the US Gross Domestic Product (GDP) fell at an annualized rate of 0.5% during the January-March period, a steeper decline than the 0.2% reported in the second estimate.

• A separate report published by the US Labor Department showed that the number of Americans filing unemployment benefits for the first time dropped by 10,000 to a seasonally adjusted 236,000 for the week ended June 21. However, Continuing Claims rose by 37,000 to 1.974 million for the week ending June 14. That marked the highest level since November 2021 and suggested a sluggish hiring environment.

• The data fueled speculations that the US Unemployment Rate might tick up to at least 4.3% in June from 4.2% in May. This could force the Federal Reserve to resume its rate-cutting cycle in July and lower borrowing costs further by the end of this year. The outlook drags the US Dollar to its lowest level since March 2022 and might continue to lend some support to the non-yielding Gold price.

• Investors now await the release of the US Personal Consumption Expenditure (PCE) Price Index data, due later this Friday, for further cues about the Fed's rate-cut path. Consensus estimates point to a 0.1% monthly increase in the core PCE Price Index and a 2.6% annual rise in May. A surprisingly stronger print would validate Fed Chair Jerome Powell's wait-and-see approach to rate cuts and boost the USD.

• In fact, Powell reiterated this week that the Fed is well-positioned to wait to cut interest rates until they have a better handle on the impact of steep tariffs on consumer prices. The comments prompted fresh criticism from US President Donald Trump, who has been calling for lower interest rates. Moreover, reports suggest that Trump was considering naming Powell's successor by September or October.

• The development fuels concerns about the potential erosion of the Fed's independence, which should limit any immediate USD positive reaction to the crucial inflation data. This, in turn, suggests that the path of least resistance for the XAU/USD pair is to the upside and any further slide might still be seen as a buying opportunity. 

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.)