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 11,295.04 Indian Rupees (INR) per gram, down compared with the INR 11,351.78 it cost on Thursday.

The price for Gold decreased to INR 131,743.10 per tola from INR 132,404.90 per tola a day earlier.

Daily Digest Market Movers: Gold bulls remain on the sidelines despite a supportive fundamental backdrop

• The US Dollar rose to its highest level since early August on Thursday, prompting the XAU/USD bulls to take some profits off the table following the recent record-setting rally. Adding to this, a ceasefire deal between Israel and Hamas turned out to be another factor that contributed to the safe-haven Gold's overnight downfall.

• Federal Reserve Chair Jerome Powell offered no fresh policy signals, while Minutes from the September FOMC meeting released on Wednesday showed lingering inflation concerns. Traders, however, are still pricing in a greater chance that the US central bank will lower borrowing costs two more times by the end of this year.

• The government shutdown is now in its second week amid few signs of progress toward a deal to advance funding bills. The Senate rejected motions to advance competing bills for the seventh time on Thursday and will not hold any further votes until at least next week, when the upper chamber is expected to return on Tuesday.

• US President Donald Trump said Thursday that Washington and NATO allies were stepping up the pressure to end the war in Ukraine. Ukraine reported a large-scale Russian assault on Kyiv early Friday, involving ballistic missiles and drone strikes, which targeted critical infrastructure and caused widespread power outages.

• This keeps geopolitical risks in play and largely offsets the optimism led by the Israel-Hamas agreement on the first phase of the Gaza peace plan. Apart from this, a modest USD downtick supports the precious metal, which seems poised to register gains for the eighth consecutive week amid a supportive fundamental backdrop.

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.)