Gold prices rose in India on Wednesday, according to data compiled by FXStreet.
The price for Gold stood at 6,247.90 Indian Rupees (INR) per gram, up INR 7.78 compared with the INR 6,240.12 it cost on Tuesday.
The price for Gold increased to INR 72,874.29 per tola from INR 72,783.58 per tola.
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 treads water amid USD uptick
The US Dollar staged a modest bounce from over a two-month low touched on Tuesday and exerted downward pressure on the Comex Gold price, though dismal US macro data helped limit losses. The Job Openings and Labor Turnover Survey, or JOLTS report, showed that job openings fell more than expected, by 296K to 8.059 million in April, or the lowest in more than three years. This follows the disappointing release of the US ISM Manufacturing PMI on Monday, which showed a surprising weakness in business activity and pointed to signs of a cooling US economy. Meanwhile, there is a risk that the US economy might be softening more than anticipated cemented bets for a September rate cut by the Federal Reserve, dragging the US Treasury bond yields lower. The rate-sensitive two-year US government bond and the benchmark 10-year Treasury yield languish near a two-week low, capping the USD and lending support to the non-yielding yellow metal. Traders now look forward to Wednesday's US economic docket, featuring the release of the ADP report on private-sector employment and the ISM Services PMI to grab short-term opportunities. The focus, however, remains glued to the official monthly employment data, popularly known as the Nonfarm Payrolls report, which will determine the next leg of a directional move for the XAU/USD.
