On Tuesday, gold prices in India saw an increase, according to data from FXStreet.
The price per gram rose to INR 9,110.84, up from INR 9,044.06 the previous day.
In terms of TOLA, gold prices jumped to INR 106,267.00, compared to INR 105,488.10 just a day earlier.
| Unit Measure | INR gold prices |
|---|---|
| 1 gram | 9,110.84 |
| 10 grams | 91,108.92 |
| Tola | 106,267.00 |
| Troy ounce | 283,378.90 |
Daily Digest Market Movers: Gold Price Bulls Remain Cautious Amid Easing US-China Tensions Before FOMC Meeting
On Sunday, President Trump spoke to reporters while on Air Force One, hinting at a possible trade deal with an unspecified country. He had previously indicated a willingness to lower tariffs imposed on China.
In parallel, China’s Commerce Department mentioned last Friday that it is considering trade discussions with the US. This development adds a layer of optimism about potentially easing the ongoing tariff conflict between the two major economies, fostering a generally positive risk sentiment.
A report from the Institute for Supply Management (ISM) showed growth in the US services sector, with the ISM Services PMI rising to 51.6 in April from the estimated 50.8 in March. This follows optimistic employment data from the US, alleviating recession fears.
As a result, the US dollar gained momentum after a two-day winning streak. However, gold prices remain attractive for those seeking safety amid uncertainty surrounding Trump’s unpredictable trade policies and escalating geopolitical tensions. Trump recently announced a 100% tariff on films produced overseas.
On the geopolitical scene, Russian officials reported that Ukraine launched a drone attack in Moscow for the second consecutive night, prompting the closure of three major airports in the city. Moreover, Ukrainian forces were moving to advance at Kursk, targeting power generation facilities in the surrounding region of western Russia.
Additionally, in response to a ballistic missile attack from Houthi rebels that struck Ben Gurion International Airport on Sunday, Israel collaborated with the US to conduct an airstrike at Yemen’s Hodeida port. This could further influence gold prices on Tuesday.
Traders are keeping an eye on the upcoming two-day FOMC meeting starting this Tuesday, with expectations of declining bets on interest rate cuts for June. The policy statement and comments from Federal Reserve Chair Jerome Powell on Wednesday will be closely examined for insights regarding future rate cuts.
FXStreet calculates gold prices in India by adjusting international prices (USD/INR) to local currency and measurement units. Prices are updated daily based on market rates at the time of publication and are for reference purposes, as local rates may vary slightly.
