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

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

The price for Gold stood at 9,291.64 Indian Rupees (INR) per gram, up compared with the INR 9,279.63 it cost on Tuesday.

The price for Gold increased to INR 108,375.50 per tola from INR 108,235.80 per tola a day earlier.

Daily Digest Market Movers: Gold bears have the upper hand amid firmer USD; hopes for Russia-Ukraine peace deal

• Traders continue to price out the possibility of a jumbo interest rate cut by the Federal Reserve in September, pushing the US Dollar to its highest level in more than a week and dragging the Gold price to a three-week low on Wednesday. This follows last Thursday's release of hotter US Producer Price Index, which rose in July at the fastest monthly pace since 2022 and indicated a gain of momentum in price pressures.

• Diplomatic efforts to end the protracted Russia-Ukraine war picked up pace this week and further seem to undermine the safe-haven bullion. In fact, White House press secretary Karoline Leavitt said on Tuesday that plans for a bilateral meeting between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky are underway. Earlier, US President Donald Trump hosted Zelenskyy, the EU, and UK leaders for talks.

• Zelenskiy described the summit as a "major step forward" towards ending Europe's deadliest conflict in 80 years and praised the White House for setting up a trilateral meeting with Putin and Trump. Meanwhile, Trump ruled out deploying ground troops to Ukraine but suggested air support could be part of a deal to end the war in the region. Russia, on the other hand, launched 270 drones and 10 missiles at Ukraine.

• Minutes of the Fed's July policy meeting will be released later today. This, along with Fed Chair Jerome Powell's speech at the Jackson Hole Symposium, could offer more insights into the central bank's policy stance. According to the CME Group's FedWatch Tool, traders are pricing in a greater chance that the Fed will start its rate-cutting cycle in September and lower borrowing costs by 25 basis points twice by the year-end.

• Meanwhile, Trump once again criticized Powell on Tuesday for being too late in cutting rates and demanded that the Fed lower borrowing costs immediately. Trump claimed that Powell's unwillingness to cut rates now stood to hurt the housing market. Powell, however, has remained largely non-committed towards any future rate cuts despite increasing political pressure from the Trump administration.

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.)