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

Gold price stood at 62,433 Indian Rupees (INR) per 10 grams, up INR 255 compared with the INR 62,178 it cost on Monday.

As for futures contracts, Gold prices decreased to INR 62,321 per 10 gms from INR 62,559 per 10 gms.

Prices for Silver futures contracts decreased to INR 72,342 per kg from INR 72,627 per kg.

Global Market Movers: Comex Gold price falls sharply as US Dollar, yields recover

• Comex Gold price corrects to near the crucial support of $2,040 as the US Dollar Index (DXY) has recovered sharply ahead of crucial United States economic data for December.
• A strong run-up in the precious metal that was propelled by firm bets in favour of early rate cuts by the Federal Reserve and deepening Middle East tensions, has stalled for now.
• As per the CME Fedwatch tool, chances in favour of an interest rate cut in March have eased nominally to 66% against 70% recorded earlier.
• A gradual decline has come as investors are reconsidering strong optimism for Fed starting the rate-cut cycle from March after getting mixed cues from stubbornly higher headline consumer price inflation and softer factory gate price data.
• Investors would get more cues about when the Fed could plan rate cuts after the release of the monthly US Retail Sales and Industrial Producer data, which are due to be released on Wednesday.
• Upbeat economic data would comfort Fed policymakers for maintaining a restrictive monetary policy stance while a soft report will firm the case of rate cuts in March.
• Before that, commentary from Fed Governor Christopher Waller will be keenly watched by market participants. Investors are eager to know how the Fed is considering the timeframe for the rate-cut cycle after the release of sticky consumer price inflation data.
• The appeal for the Comex Gold price has not been impacted on a broader basis as crises in the Middle East region have deepened after the airstrikes from the US and the United Kingdom. 
• Iran-backed Houthi rebels have threatened to retaliate for attacking groups in Yemen, which will keep risk sentiment on its toes.
• The US Dollar Index has broken to a new high slightly above 103.00 as investors hope that other central banks will also start reducing interest rates earlier than previously projected. Meanwhile, the 10-year US Treasury yield has rebounded swiftly above 4.0%.