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

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

The price for Gold stood at 9,527.26 Indian Rupees (INR) per gram, up compared with the INR 9,501.11 it cost on Wednesday.

The price for Gold increased to INR 111,124.10 per tola from INR 110,819.00 per tola a day earlier.

Daily Digest Market Movers: Gold price is backed by reviving safe-haven demand amid tariff jitters

US President Donald Trump on Wednesday signed an executive order imposing an additional 25% tariff on Indian imports as "punishment" for buying oil from Russia, taking the total tariffs to 50%. Furthermore, reports suggest that Trump could impose an extra 15% tariff on all Japanese imports.

Moreover, Trump had announced earlier this week that US tariffs on semiconductor and pharmaceutical imports would be unveiled within the next week or so. This revives concerns about the potential economic fallout from a global trade war and boosts the safe-haven Gold price on Thursday.

Traders have been pricing in the possibility of more interest rate cuts than previously expected by the Federal Reserve this year. The bets were lifted by the weaker-than-expected US Nonfarm Payrolls report released last Friday and Tuesday's disappointing US ISM Services PMI print.

According to the CME Group's FedWatch Tool, market participants see over a 90% chance that the US central bank will lower borrowing costs at the next monetary policy meeting in September. Moreover, the Fed is expected to deliver at least two 25-basis-point rate cuts by the end of this year.

Dovish Fed expectations fail to assist the US Dollar in registering any meaningful recovery from a one-week low touched on Wednesday and further benefit the non-yielding yellow metal. However, a positive risk tone, tracking overnight gains on Wall Street, caps gains for the precious metal.

Traders now look forward to the US Weekly Initial Jobless Claims, due for release later during the North American session. This, along with speeches from influential FOMC members, would drive the USD demand and produce short-term trading opportunities around the XAU/USD pair.

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.)