Gold Prices Drop in India
On Wednesday, gold prices in India experienced a slight decline, as reported by FXStreet. Let’s delve into the details:
Key Figures:
- Price per gram: INR 7,063.98 (compared to INR 7,076.99 on Tuesday)
- Price per tola: INR 82,392.87 (down from INR 82,544.62)
| Unit measure | Gold Price in INR |
|---|---|
| 1 Gram | 7,063.98 |
| 10 Grams | 70,639.79 |
| Tola | 82,392.87 |
| Troy Ounce | 219,715.30 |
Insights on Gold:
FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold FAQs
Frequently Asked Questions about Gold
Gold has played a key role in human history, serving as a store of value and medium of exchange. In addition to its use in jewelry, it is considered a safe-haven asset during turbulent times, a hedge against inflation, and a protection against depreciating currencies.
Central banks hold significant amounts of Gold to support their currencies and boost economic strength. In 2022, central banks added a record amount of Gold to their reserves, signaling a trend of increasing reserves, particularly in emerging economies like China, India, and Turkey.
Gold has an inverse relationship with the US Dollar and US Treasuries, making it a valuable asset for diversification during market turbulence. It also tends to move in opposition to risk assets, with its price influenced by factors like geopolitical instability, interest rates, and the strength of the US Dollar.
Various factors, such as geopolitical events, economic conditions, and currency fluctuations, can impact the price of Gold. Its value is closely tied to the performance of the US Dollar, as Gold is priced in dollars (XAU/USD), with a strong Dollar typically keeping Gold prices in check and a weaker Dollar driving prices up.
(An automation tool was used in creating this post.)