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

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

The price for Gold stood at 9,518.02 Indian Rupees (INR) per gram, down compared with the INR 9,568.15 it cost on Tuesday.

The price for Gold decreased to INR 111,016.40 per tola from INR 111,601.00 per tola a day earlier.

Daily Digest Market Movers: Gold price loses traction despite concerns about the future of Fed independence

Donald Trump said on Tuesday that he will soon have a "majority" of his own nominees on the Fed board of governors who will back his desire to cut the interest rates. 

In response, Fed Governor Lisa Cook said Trump has no authority to fire her from the central bank, and she will not resign. 

Trump said he was ready for a legal fight with Cook after he moved to oust her from her post following allegations that she falsified mortgage documents, per Bloomberg.

"Overnight you had the news that Trump fired one of the Fed governors accused of mortgage fraud. It gave a little life to gold because the Fed's kind of been the driver in gold right now," said RJO Futures market strategist Bob Haberkorn.

Last week, Fed Chair Jerome Powell signalled a possible interest rate cut at the US central bank's meeting in September, saying that risks to the job market were rising.

Traders are now pricing in nearly an 85% chance for a cut of at least a quarter-point at the Fed's September meeting, up from 75% last week, according to the CME FedWatch tool.

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.)