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

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

The price for Gold stood at 11,034.80 Indian Rupees (INR) per gram, broadly stable compared with the INR 11,033.19 it cost on Wednesday.

The price for Gold was broadly steady at INR 128,707.70 per tola from INR 128,688.90 per tola a day earlier.

Daily Digest Market Movers: Gold continues to draw support from Fed rate cut bets and geopolitical risks

• Daily Digest Market Movers: Gold continues to draw support from Fed rate cut bets and geopolitical risks

• US President Donald Trump's Republican Party failed to agree with opposition Democrats on a way forward on a spending bill. Investors, however, react little amid expectations of a limited impact on the economy due to a government shutdown. This, in turn, remains supportive of the positive risk tone and acts as a headwind for the safe-haven Gold price during the Asian session on Thursday.

• On the economic data front, Automatic Data Processing reported on Wednesday that private-sector employers shed 32K jobs in September, marking the biggest drop since March 2023. Moreover, the August payrolls number was revised down to show a loss of 3K compared to an increase of 54K reported initially. The data reinforced bets for two more rate cuts by the Federal Reserve by the year-end.

• Meanwhile, the Institute for Supply Management's (ISM) Purchasing Managers' Index (PMI) came in slightly above consensus estimates and improved from 48.7 to 49.1 in September. This assisted the US Dollar in bouncing off a one-week low touched on Wednesday. The momentum, however, runs out of steam amid dovish Fed expectations, which continue to support the non-yielding yellow metal.

• According to the Wall Street Journal (WSJ), the US will provide Ukraine with intelligence to support long-range missile strikes on Russian energy infrastructure. Trump approved the move, and US officials are urging NATO allies to do the same. This keeps geopolitical risks in play and should contribute to limiting any corrective decline in the safe-haven precious metal, warranting some caution for bears.

• Important US macro releases scheduled at the start of a new month, including the closely watched US Nonfarm Payrolls (NFP) report on Friday, are likely to be delayed on the back of a partial US government shutdown. Hence, speeches from influential FOMC members will play a key role in driving the USD demand and producing short-term trading opportunities around 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.)