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 10,321.85 Indian Rupees (INR) per gram, up compared with the INR 10,275.97 it cost on Tuesday.

The price for Gold increased to INR 120,393.20 per tola from INR 119,856.90 per tola a day earlier.

Daily Digest Market Movers: Gold price draws support from Fed rate cut bets, political jitters, geopolitical risks

An unexpectedly weak US jobs data released last Friday provided further evidence of a softening labor market and led markets to price in three interest rate cuts by the US Federal Reserve through the year-end. Moreover, the CME Group's FedWatch Tool indicates a small possibility of a jumbo 50-basis-point rate cut at next week's FOMC policy meeting.

The Financial Times reported on Tuesday that US President Donald Trump has urged the European Union (EU) to impose 100% tariffs on Chinese and Indian goods in an effort to pressure Russian President Vladimir Putin. The report further stated that the Trump administration is prepared to "mirror" any tariffs imposed by the EU on Indian and Chinese imports.

France's Prime Minister Francois Bayrou lost a vote of confidence in the National Assembly, resulting in his resignation. Moreover, Japan's Prime Minister Shigeru Ishiba announced over the weekend that he will step down as President of the ruling Liberal Democratic Party (LDP).

On the geopolitical front, Israel carried out an air strike targeting Hamas leadership in Qatar's capital, Doha, drawing widespread global condemnation. Qatar's Prime Minister said that his country reserves the right to respond to Israel's blatant attack. Given that Qatar is  a key mediator, this could impact ceasefire negotiations between Israel and Hamas.

Poland placed its air defenses on high alert in response to Russia's heaviest air assaults on Ukraine in recent weeks, which have raised concerns about the proximity of the strikes to its border. Moreover, Ukraine's Air Force warned of a suspected Russian drone incursion into Polish airspace, breaching the North Atlantic Treaty Organization (NATO) airspace.

A federal judge on Tuesday temporarily blocked Trump from removing Fed Governor Lisa Cook. This eases market concerns about the Fed's independence, which, along with some repositioning trade ahead of the crucial US inflation data, assists the US Dollar to preserve the previous day's recovery gains and might cap the upside for the precious metal.

Wall Street's three major indices posted record closing highs on Tuesday, and the spillover effect leads to a further rise in the Asian equity markets. This might further contribute to keeping a lid on the safe-haven commodity and warrants some caution. Traders now look forward to the release of the US Producer Price Index (PPI) for a fresh impetus later today.

The focus will then shift to the US Consumer Price Index (CPI) on Thursday, which will play a key role in influencing the near-term USD price dynamics and determining the next leg of a directional move for 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.)