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 11,880.98 Indian Rupees (INR) per gram, up compared with the INR 11,759.03 it cost on Tuesday.

The price for Gold increased to INR 138,577.50 per tola from INR 137,155.00 per tola a day earlier.

Daily market movers: Gold advances boosted by Powell's dovish remarks

• Powell said that based on the data that they have, "the outlook for employment and inflation does not appear to have changed much since our September meeting four weeks ago." Furthermore, added that data shows that economic activity might be firmer than expected. He added that risks to the labor market had increased, along with inflationary pressures.

• Powell said that elevated inflation is due to rising goods prices, which reflect "tariffs rather than broader inflationary pressures."

• The Fed will receive an update on consumer price inflation on October 24. The Bureau of Labor Statistics announced that it will release its latest Consumer Price Index (CPI) report amid the ongoing shutdown.

• The NFIB Business Optimism Index tumbled 2 points to 98.8 last month, the first decline in three months. The NFIB Uncertainty Index jumped 7 points from August to 100, the fourth highest reading in over 51 years.

• The NFIB Chief Economist Bill Dunkelberg said "Uncertainty is very high, the (Trump) administration has a lot of policy changes still in the air, lots of moving parts." Despite this, he revealed that economic growth is solid, driven "perhaps" by AI-related investments, then "by spending that impacts Main Street firms."

• Bullion prices are underpinned by US Dollar weakness. The US Dollar Index (DXY), which tracks the performance of the buck's value against a basket of six currencies, sheds 0.25% of its value, down to 99.00.

• Conversely, the US 10-year Treasury note yield dives three basis points to 4.029%. US real yields -- which correlate inversely to Gold prices -- are also diving nearly three and a half bps to 1.728%.

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.)