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

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

The price for Gold stood at 9,221.16 Indian Rupees (INR) per gram, down compared with the INR 9,237.28 it cost on Wednesday.

The price for Gold decreased to INR 107,553.80 per tola from INR 107,743.10 per tola a day earlier.

Gold daily market movers:  Hovers near $3,350 awaiting a fresh catalyst

Gold price continued to trade sideways, capped by the $3,300-$3,380 range on Wednesday. Bullion's spike happened on reports of Powell's firing. Bloomberg revealed that "A White House official, speaking on the condition of anonymity earlier Wednesday, said they expected Trump to move soon against the Fed chief. That was also the impression of some lawmakers following a Tuesday evening meeting, where Trump polled them on the possibility of moving against Powell."

When asked on Wednesday, Trump said that while "it's highly unlikely," he could still see removing the Fed chair for "fraud."

The US Produce Price Index (PPI) in June dipped from 2.6% to 2.3% YoY, below estimates of 2.5%. Excluding volatile items, PPI cooled from 3% to 2.6%, below forecasts of 2.7%.

Although factory inflation eased, the latest consumer inflation report in the US showed that prices jumped in June and are closing in on the 3% threshold, far from the Fed's 2% goal.

US Treasury yields dipped on Wednesday, with the US 10-year Treasury yield, which usually correlates negatively with Gold, falling three basis points (bps) to 4.459%.

Interest rate probability indicates that the Federal Reserve will maintain its current rates, with odds standing at 95% for a hold and 5% for a 25-basis-point rate cut at the July 30 meeting. Money markets had priced in less than 50 basis points (bps) of easing, with investors pricing in over 46 bps of rate cuts toward the end of the year.

US President Trump stated that another deal with India is forthcoming. He added that they would deal with Japan with the tariffs letter. He announced on Tuesday that the US reached an agreement with Indonesia, in which the latter will pay 19% tariffs, while US producers will pay 0%.

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.)