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 9,617.79 Indian Rupees (INR) per gram, down compared with the INR 9,641.16 it cost on Thursday.

The price for Gold decreased to INR 112,182.60 per tola from INR 112,455.60 per tola a day earlier.

Daily Digest Market Movers: Gold falls ahead of key US PCE inflation data

"The precious metal remains a popular pick with investors ahead of what is expected to be a period of looser monetary policy in the U.S. starting next month," said KCM Trade chief market analyst, Tim Waterer.

Fed Governor Christopher Waller said on Thursday that he would support an interest-rate cut in the September meeting and further reductions over the next three to six months to prevent the labor market from collapsing, per Reuters.

The US GDP grew at an annual rate of 3.3% in Q2, compared to the initial estimate of 3.0%, the US Bureau of Economic Analysis (BEA) showed Thursday. This figure came in better than the estimation of 3.1%.

The US Initial Jobless Claims for the week ending August 23 declined to 229K versus 234K prior (revised from 235K). This reading came in below the market consensus of 230K.

New York Fed President John Williams said on Wednesday that it is likely interest rates can fall at some point, but policymakers will need to see what upcoming data indicate about the economy to decide if it is appropriate to make a cut next month. 

Traders are currently pricing in nearly an 85% possibility of a quarter-point Fed rate cut next month, 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.)