The Rise of Gold Prices in India
As the world’s leading investment manager, I bring you the latest update on the Gold prices in India. According to data compiled by FXStreet, Gold prices saw a significant rise on Friday, showcasing the dynamic nature of the precious metal market.
Price Increase Details:
- Gold price per gram: 6,968.89 Indian Rupees (INR), up from 6,949.19 on Thursday.
- Price per tola: Increased to INR 81,283.71 from INR 81,054.03 the day before.
Unit Measure Comparison:
| Unit measure | Gold Price in INR |
|---|---|
| 1 Gram | 6,968.89 |
| 10 Grams | 69,688.85 |
| Tola | 81,283.71 |
| Troy Ounce | 216,756.70 |
FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. These prices are updated daily based on market rates at the time of publication. Please note that local rates may slightly differ.
Gold FAQs
Gold, a timeless asset, has been a significant player in human history, serving as a store of value and medium of exchange. Here are some key insights about Gold:
1. Gold as a Safe-Haven Asset:
Gold is widely recognized as a safe-haven asset, making it a preferred investment during turbulent times. It also serves as a hedge against inflation and depreciating currencies due to its independent nature.
2. Central Banks and Gold Reserves:
Central banks hold substantial Gold reserves to bolster their currencies during economic uncertainties. In 2022, central banks globally added 1,136 tonnes of Gold to their reserves, marking a historical high in annual purchases. Emerging economies like China, India, and Turkey are actively increasing their Gold reserves.
3. Gold’s Correlation with US Dollar and Risk Assets:
Gold exhibits an inverse relationship with the US Dollar and US Treasuries, major reserve assets. During Dollar depreciation, Gold prices often rise, providing diversification opportunities for investors. Additionally, Gold tends to perform well when risk assets falter.
4. Factors Influencing Gold Prices:
Various factors, such as geopolitical instability and economic recessions, can impact Gold prices significantly. Additionally, interest rates and the performance of the US Dollar play a pivotal role in determining Gold’s price movements.
(An automation tool was used in creating this post.)