Gold Prices in India Rise
On Tuesday, gold prices in India saw an increase, as reported by FXStreet. The price for gold stood at 7,110.69 Indian Rupees (INR) per gram, up from the previous day’s price of INR 7,099.21. Additionally, the price for gold increased to INR 82,937.67 per tola from INR 82,803.78 per tola a day earlier.
Gold Price in Different Units
| Unit measure | Gold Price in INR |
|---|---|
| 1 Gram | 7,110.69 |
| 10 Grams | 71,106.61 |
| Tola | 82,937.67 |
| Troy Ounce | 221,167.30 |
FXStreet calculates gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Please note that prices are updated daily based on market rates at the time of publication and may vary slightly in local markets.
Gold FAQs
Gold has a rich history and is widely known for its use as a store of value and medium of exchange. In today’s financial landscape, gold is considered a safe-haven asset, making it a popular investment choice during times of economic uncertainty. It also serves as a hedge against inflation and depreciating currencies, as it is not tied to any specific issuer or government.
Central banks are significant holders of gold, using it to strengthen their currency reserves during turbulent times. In 2022, central banks worldwide added a record 1,136 tonnes of gold worth approximately $70 billion to their reserves. This move signifies a growing trend, with emerging economies like China, India, and Turkey actively increasing their gold holdings.
Gold exhibits an inverse correlation with the US Dollar and US Treasuries, major reserve and safe-haven assets. When the dollar weakens, gold prices tend to rise, providing investors and central banks with a diversification option during turbulent times. Additionally, gold prices tend to move inversely to risk assets, strengthening during market sell-offs and weakening during stock market rallies.
Various factors influence gold prices, including geopolitical instability, economic recessions, and interest rates. Gold typically performs well during times of uncertainty, while higher interest rates can suppress its price. The US Dollar also plays a significant role, as gold is priced in dollars (XAU/USD). A strong dollar can limit gold price increases, while a weaker dollar tends to push gold prices higher.
(Note: This post was created using an automation tool.)