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

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

The price for Gold stood at 9,179.10 Indian Rupees (INR) per gram, up compared with the INR 9,139.19 it cost on Thursday.

The price for Gold increased to INR 107,063.80 per tola from INR 106,597.70 per tola a day earlier.

Gold daily digest market movers: Can Thursday's data sway the Fed and drive bullion?

• The ADP Employment Change report released on Wednesday showed that the employment situation in the private sector has continued to weaken. Analysts had expected 95K jobs to be added in June. Instead, the actual figures revealed 33K jobs lost. 

• President Trump continues to pressure Fed Chair Jerome Powell to reduce interest rates. On Wednesday, he called for the "immediate resignation" of Fed Powell on a Truth Social post.

• With the Fed's independence coming under question, Gold could continue to find support from political uncertainty in the US, which has been weakening demand for the Greenback.

• Speaking at the European Central Bank (ECB) forum on Tuesday, Powell stated that "It's going to depend on the data, and we are going meeting by meeting. I wouldn't take any meeting off the table or put it directly on the table. It's going to depend on how the data evolves." When questioned about interest rates, he said, "In effect, we went on hold when we saw the size of the tariffs, and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs. We didn't overreact; in fact, we didn't react at all. We're simply taking some time."

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.)