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

Gold prices fell in India on Thursday, according to data compiled by FXStreet.

The price for Gold stood at 9,341.17 Indian Rupees (INR) per gram, down compared with the INR 9,360.45 it cost on Wednesday.

The price for Gold decreased to INR 108,953.60 per tola from INR 109,178.40 per tola a day earlier.

Daily Digest Market Movers: Gold struggles to build on Wednesday's recovery amid reduced Fed rate cut bets

Minutes of the July 30-31 FOMC policy meeting released on Wednesday showed that almost all officials supported keeping rates unchanged, and a majority of participants judged the upside risk to inflation. Furthermore, policymakers noted rising threats to the economy that would warrant monitoring, though they largely agreed that their current stance was the appropriate way to go.

This comes amid signs of a gain of momentum in price pressures and continues to force investors to price out the possibility of a more aggressive policy easing by the Federal Reserve. This, in turn, assists the US Dollar to stand firm near its highest level in more than a week and fails to assist the non-yielding Gold to capitalize on the previous day's recovery from a three-week low.

Investors fretted about the central bank's independence after US President Trump demanded the resignation of Fed Governor Lisa Cook over unproven mortgage fraud allegations. Moreover, Trump has repeatedly attacked Fed Chair Jerome Powell for not cutting interest rates and even threatened to fire him. This caps the USD gains and acts as a tailwind for the precious metal.

Russian Foreign Minister Sergey Lavrov warned on Wednesday that attempting to resolve security issues relating to Ukraine without the participation of Moscow is a road to nowhere. Lavrov also accused European leaders of making clumsy attempts to change Trump's position on Ukraine. This keeps geopolitical risks in play and should contribute to limiting losses for the XAU/USD pair.

Traders now look forward to the release of flash PMIs for a fresh insight into the global economic health, which, in turn, will drive the broader risk sentiment and provide some impetus to the commodity. Apart from this, the US Weekly Initial Jobless Claims and the Philly Fed Manufacturing Index might influence the USD and produce short-term opportunities around the commodity.

The focus, however, will remain glued to Fed Chair Jerome Powell's speech at the Jackson Hole Symposium. Investors will look for cues about the Fed's policy stance and rate-cut path, which will play a key role in determining the next leg of a directional move for the Greenback and the yellow metal.

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.)