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 10,972.03 Indian Rupees (INR) per gram, down compared with the INR 11,005.49 it cost on Thursday.

The price for Gold decreased to INR 127,977.00 per tola from INR 128,365.90 per tola a day earlier.

Daily Digest Market Movers: Gold is undermined by receding safe-haven demand and modest USD strength

• The US Dollar staged a goodish recovery from a one-week low touched on Thursday and triggered an intraday turnaround in the Gold price from the vicinity of the $3,900 mark, or a fresh all-time peak. The precious metal, however, rebounded from the $3,820 area, though it lacks follow-through and ticks lower for the second straight day on Friday.

• US Treasury Secretary Scott Bessent warned on Wednesday that the government shutdown could hurt the economy more than those in the past, with potential hits to the GDP, growth, and the labor market. Traders, however, brushed aside worries amid expectations of a limited impact of a partial government shutdown on the economic performance.

• The optimism led to another session of record highs on Wall Street, and the spillover effect remains supportive of a generally positive tone around the Asian equity markets. This turns out to be another factor undermining demand for the safe-haven Gold during the Asian session, though any meaningful corrective fall still seems elusive.

• Traders ramped up their bets that the US Federal Reserve will lower borrowing costs two more times this year, in October and December, following Wednesday's disappointing release of the ADP report on private-sector employment. This could act as a headwind for the Greenback and continue to act as a tailwind for the non-yielding yellow metal.

• Meanwhile, the US reportedly 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 help limit any further corrective fall for the safe-haven precious metal.

• Important US macro data scheduled at the beginning of a new month, including the Nonfarm Payrolls (NFP) report, could be delayed due to the US government shutdown. Nevertheless, speeches from influential FOMC members could drive the USD demand and provide short-term impetus to the XAU/USD pair heading into the weekend. 

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.)