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

Gold prices remained broadly unchanged in India on Wednesday, according to data compiled by FXStreet.

The price for Gold stood at 10,740.60 Indian Rupees (INR) per gram, broadly stable compared with the INR 10,735.92 it cost on Tuesday.

The price for Gold was broadly steady at INR 125,275.20 per tola from INR 125,220.20 per tola a day earlier.

Daily market movers: Gold price advances amid neutral Powell stance

• The US Dollar (USD) falls following Powell, undermined also by falling US Treasury yields hinting that market participants are pricing in rate cuts. The US Dollar Index (DXY), which tracks the American currency value against a basket of six peers, tumbles 0.07% to 97.22.

• US Treasury yields are falling with the 10-year Treasury note down three bps at 4.114%. US real yields -- which correlate inversely to Gold prices --dove nearly three-and-a-half bps to 1.744%.

• Chair Powell revealed that the policy path is difficult, noting that they must look at both inflation and employment goals "equally." He added that he still sees downside risks in the labor market. Regarding inflation, he says it's coming into better balance and that the Fed Beige Book showed the economy is growing modestly.

• Earlier, US economic data revealed that manufacturing and services activity slowed down in September. The S&P Global Manufacturing PMI dipped to 52.0 from 53.0 reported in the previous print. Meanwhile, the Services PMI fell to 53.9 from 54.5 in August.

• S&P Global revealed that prices paid rose to 62.6 in September, up from 60.8 last month as business mentioned tariffs "as the principal cause of further cost increases."

• The Fed is expected to cut rates 25 bps at the October 19 meeting, as revealed by data from Prime Market Terminal. Odds are at 91%.

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.)