Gold prices fell in India on Thursday, according to data compiled by FXStreet.
The price for Gold stood at 6,248.90 Indian Rupees (INR) per gram, down INR 15.35 compared with the INR 6,264.26 it cost on Wednesday.
The price for Gold decreased to INR 72,885.98 per tola from INR 73,065.05 per tola.
Unit measure Gold Price in INR 1 Gram 6,248.90 10 Grams 62,489.04 Tola 72,885.98 Troy Ounce 194,367.70
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.
Global Market Movers: Comex Gold price stays weak amid stronger US data The Israeli military said on Wednesday that it established “operational control” over the Philadelphi Corridor, a 14-kilometer (8.7 miles) strip of land along the border between Gaza and Egypt, per CNN. Global physically-backed gold Exchange-Traded Funds (ETFs) witnessed a net outflow of 11.3 metric tonnes last week, according to the World Gold Council. Fed Atlanta President Bostic said on Thursday that the breadth of price gains is still significant, but less inflation breadth would add to confidence for a rate cut. Economic activity continued to expand in the US and prices increased modestly from early April to mid-May. Overall outlooks were more pessimistic amid reports of rising uncertainty and greater downside risks, according to the Fed's Beige Book released Wednesday. Markets are pricing in a 50% chance that the Fed will hold interest rates in September, according to the CME FedWatch Tool. The US Gross Domestic Product (GDP) number is estimated to expand at a 1.3% annual pace in the first quarter of 2024.
