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

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

The price for Gold stood at 9,197.35 Indian Rupees (INR) per gram, broadly stable compared with the INR 9,192.28 it cost on Tuesday.

The price for Gold was broadly steady at INR 107,276.10 per tola from INR 107,217.00 per tola a day earlier.

Daily Digest Market Movers: Gold price draws support from Fed rate cut bets, trade jitters

The US Dollar stages a modest bounce from over a three-and-a-half-year low touched on Tuesday and fails to assist the Gold price to build on a two-day-old recovery from a nearly one-month low touched earlier this week.

Comments from Federal Reserve Governor Michelle Bowman and fellow Governor Christopher Waller suggested that the US central bank could consider cutting interest rates as early as the July monetary policy meeting.

Meanwhile, Fed Chair Jerome Powell said on Tuesday that the US central bank would have eased monetary policy by now if not for the highly uncertain economic path created by US President Donald Trump's tariff policies.

When asked if July would be too soon for markets to expect a rate cut, Powell answered that it's going to depend on the data. Nevertheless, traders are pricing in over a 20% chance that the Fed will cut rates at the July meeting.

More significantly, there is a nearly 75% probability of a 25 basis point rate reduction by the Fed at the September monetary policy meeting. This caps any further USD recovery and supports the non-yielding yellow metal.

On the economic data front, the Institute of Supply Management (ISM) reported on Tuesday that economic activity in the US manufacturing sector contracted for the fourth consecutive month, though at a slower pace in June.

Separately, the Job Openings and Labor Turnover Survey (JOLTS) revealed that the number of job openings stood at 7.769 million on the last business day of May, up from 7.395 million in April and 7.3 million anticipated.

Wednesday's US economic docket features the release of the ADP report on private-sector employment, which might influence the USD and the XAU/USD pair ahead of the official Nonfarm Payrolls (NFP) report on Friday.

Trump threatened to impose higher tariffs on Japanese imports over the latter's alleged unwillingness to buy American-grown rice. This comes ahead of the July 9 deadline for Trump's reciprocal tariffs and fuels uncertainty.

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.)