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 9,347.61 Indian Rupees (INR) per gram, down compared with the INR 9,368.16 it cost on Thursday.

The price for Gold decreased to INR 109,028.70 per tola from INR 109,268.40 per tola a day earlier.

Daily Digest Market Movers: Gold price is pressured by a stronger USD and receding safe-haven demand

• Data released on Thursday pointed to a still resilient US labor market and reinforced the view that the Federal Reserve will hold interest rates at the upcoming monetary policy meeting next week. The US Department of Labour reported that the number of US citizens submitting new applications for unemployment insurance fell for the sixth straight week, to 217K during the week ended July 19. This marked the lowest reading since mid-April.

• Furthermore, the S&P Global's US Composite PMI climbed to 54.6 in July from 52.9 in the previous month, marking the 30th straight month of expansion. The growth was concentrated in the services sector, which offsets weakness in the manufacturing sector. The Services PMI rose from 52.9 to 55.2, marking the strongest expansion since the start of the year, while the gauge for the manufacturing sector contracted for the first time since December 24.

• Further details of the report revealed that employment strength across both the manufacturing and services sectors continues to support near-term stability. Adding to this, intensifying price pressures suggest that inflation could accelerate in the second half of the year, mainly because of tariffs on imports. This might further force the Fed to maintain the status quo on rates despite US President Donald Trump's repeated calls to lower borrowing costs.

• Trump dialed up the pressure on Fed Chair Jerome Powell during a rare presidential visit to the central bank's headquarters. Moreover, Fed Governor Chris Waller and Trump appointee Vice Chair for Supervision Michelle Bowman have advocated a rate reduction as soon as the next policy decision on July 30. This could act as a headwind for the USD and offer support to the non-yielding Gold price amid the rising Thailand-Cambodia border dispute.

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.)