Gold price on April 23: Rates in main Indian cities

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Gold prices in India fell on April 23, according to data from India's Multi Commodity Exchange (MCX). The price of gold stood at 71,357 Indian Rupees (INR) per 10 grams, down INR 1,354 compared to the previous day. Futures contracts for gold also decreased to INR 70,500 per 10 grams from INR 71,197 per 10 grams. The decline in gold prices can be attributed to easing tensions in the Middle East and hawkish bets on the Federal Reserve's interest rate cuts. Gold is widely seen as a safe-haven asset and a hedge against inflation and depreciating currencies. Central banks, particularly those in emerging economies like China, India, and Turkey, are the biggest buyers of gold. Gold has an inverse correlation with the US Dollar and US Treasuries, and its price is influenced by factors such as geopolitical instability, interest rates, and the strength of the US Dollar. Traders are also looking to economic data releases for further market direction.

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