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 9,552.02 Indian Rupees (INR) per gram, down compared with the INR 9,570.02 it cost on Wednesday.

The price for Gold decreased to INR 111,412.90 per tola from INR 111,622.80 per tola a day earlier.

Daily Digest Market Movers: Gold price slumps as the US Dollar strengthens

New York Fed President John Williams on Wednesday emphasized the importance of central bank independence as Trump looks to exert control over monetary policy.

US President Donald Trump stated on Monday that he has fired Fed Governor Lisa Cook, the first instance of a president firing a central bank governor in the Fed's history. 

In response, Lisa Cook said that she would file a lawsuit to prevent her ouster, adding that Trump has no authority to fire her from the central bank, and she will not resign.

Markets are now pricing in nearly an 87% possibility of a 25 basis point (bps) rate cut at the Fed's policy meeting next month, according to the CME FedWatch tool. 

"If (the PCE data) is a miss showing stronger inflation, that might begin to call into question whether the Fed's going to be able to cut interest rates in September," said Jim Wyckoff, senior analyst at Kitco Metals.

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.)