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

Gold price stood at 61,379 Indian Rupees (INR) per 10 grams, down INR 817 compared with the INR 62,196 it cost on Friday.

As for futures contracts, Gold prices decreased to INR 61,575 per 10 gms from INR 61,719 per 10 gms.

Prices for Silver futures contracts decreased to INR 72,450 per kg from INR 72,518 per kg.

Global Market Movers: Comex Gold price drifts lower for second day as March Fed rate cut bets recede

• The benchmark 10-year US Treasury yield rebounded from a three-month low after the upbeat US jobs data and lifted the US Dollar, which undermined the Comex Gold price on Friday.
• The US NFP report showed that the economy added 199K new jobs in November, surpassing estimates for a reading of 180K and 150K rise in the previous month.
• The US Bureau of Labor Statistics (BLS) reported that the Unemployment Rate dipped to 3.7% from 3.9% in October, despite a rise in the Labor Force Participation Rate.
• The data pointed to the underlying labor market strength and made traders bet that it could take the Federal Reserve until May 2024 to deliver the first interest rate cut.
• The US troops were targeted with rockets and drones at least five more times on Friday by Iran-backed militias in Iraq and Syria over its support to Israel amid a war in Gaza.
• The US embassy in Iraq's capital Baghdad was shelled on Friday after being attacked by 14 rockets earlier, increasing fears of a broadening conflict in the Middle East.
• Traders now look to this week's US consumer inflation figures and the Fed's interest rate projections for next year before placing aggressive directional bets.
• A rather busy week also features the Swiss National Bank (SNB), the Bank of England (BoE) and the European Central Bank (ECB) monetary policy meetings on Thursday