Gold prices rose in India on Thursday, according to data from India's Multi Commodity Exchange (MCX).

Gold price stood at 73,212 Indian Rupees (INR) per 10 grams, up INR 767 compared with the INR 72,445 it cost on Wednesday.

As for futures contracts, Gold prices increased to INR 73,108 per 10 gms from INR 73,102 per 10 gms.

Prices for Silver futures contracts increased to INR 87,187 per kg from INR 86,865 per kg.

Global Market Movers: Comex Gold price edges higher due to cooling US inflation, weaker Retail Sales

• The US Consumer Price Index (CPI) increased by 3.4% YoY in April, compared to a rise of 3.5% in March, which is in line with market expectations. On a monthly basis, the headline CPI inflation dropped to 0.3% MoM in April from 0.4% in March, below the consensus of 0.4%.
• The core CPI inflation, which excludes volatile items like food and energy, rose by 3.6% YoY in April, compared to the previous reading of 3.8%. The monthly core CPI eased to 0.3% MoM in April from 0.4% in March.
• US Retail Sales came in at 0% MoM in April from a 0.6% rise in March, worse than the estimation of 0.4%.  
• Fed Bank of Minneapolis President Neel Kashkari said on Wednesday that the central bank needs to watch the economy carefully to see if current policy rates are restrictive enough.
• Financial markets are currently pricing in a nearly 75% chance of a rate cut by the Fed in September 2024, a rise from 65% before the US CPI report, according to the CME's FedWatch Tool.
• According to the World Gold Council's Q1 2024 report, global gold demand climbed by 3% to 1,238 tonnes, marking the strongest first quarter since 2016.