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 11,471.27 Indian Rupees (INR) per gram, up compared with the INR 11,372.40 it cost on Tuesday.

The price for Gold increased to INR 133,799.00 per tola from INR 132,645.40 per tola a day earlier.

Daily digest market movers: Gold edges up as US yields tumble

• Bullion prices rise in tandem with the US Dollar as the DXY, which tracks the buck's value against a basket of six currencies, gains 0.46% to 98.57.

• US Treasury yields retreat as the 10-year Treasury note is down three basis points at 4.125%. US real yields -- which correlate inversely to Gold prices --, are also down nearly three-and-a-half bps at 1.785%.

• The Minneapolis Fed's Kashkari revealed that data is showing some stagflation signals and that he is bullish on labor. He's not convinced that a few rate cuts will translate to lower mortgage rates, but if they do drastically, he would expect the economy would a burst of high inflation.

• The New York Fed SCE showed that the median inflation expectations for one year increased from 3.2% to 3.4% and for a five-year period from 2.9% to 3%. For a three-year horizon, it remained steady at 3%.

• The same survey revealed that earnings growth expectations fell by 0.1% to 2.4%.

• Money markets indicate that the Fed will cut interest rates by 25 basis points (bps) at the upcoming October 29 meeting. The odds stand at 94%, according to the Prime Market Terminal interest rate probability 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.)