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India Gold price today: FXStreet data shows prices declining
Data compiled by FXStreet showed that gold prices in India declined on Tuesday.
At 11,956.81 Indian rupees (INR) per gram, gold was cheaper than on Monday, when it cost INR 12,019.10.
A tola of gold was priced at INR 139,458.00, down from INR 140,188.40 the previous day.
Unit of measurement | Gold price (INR) |
|---|---|
1 Gram | 11,956.81 |
10 Grams | 119,556.40 |
Tola | 139,458.00 |
Troy Ounce | 371,898.70 |
To calculate gold prices in India, FXStreet converts international prices into local currency using USD/INR and adjusts them to local measurement units. Daily updates reflect market rates at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold Explained
Widely used both to preserve wealth and as a means of exchange, gold has held an important place throughout human history. Today, its appeal extends beyond its lustre and use in jewellery: the precious metal is widely regarded as a safe-haven asset, or a sound investment in periods of turmoil. Because it is not dependent on a particular issuer or government, gold is also commonly viewed as a hedge against inflation and currency depreciation.
The largest holders of gold are central banks. To underpin their currencies during unsettled periods, they typically diversify their reserves and purchase gold, reinforcing perceptions of economic and currency strength. Substantial gold reserves can bolster confidence in a country's solvency. World Gold Council data show that central banks increased their reserves by 1,136 tonnes of gold, valued at around $70 billion, in 2022. That was the largest annual purchase since records began. Emerging-economy central banks, including those in China, India and Turkey, are rapidly building up their gold reserves.
Both the US Dollar and US Treasuries are major reserve and safe-haven assets, and gold is inversely correlated with them. A weakening Dollar typically accompanies a rise in gold, allowing investors and central banks to diversify their holdings during turbulent periods. Risk assets also have an inverse relationship with gold: stock market gains tend to weigh on its price, whereas selling in riskier markets generally supports the precious metal.
Numerous influences can drive gold prices. Its safe-haven appeal means geopolitical turmoil or concerns about a severe recession can trigger a rapid increase. Since gold offers no yield, lower interest rates tend to support it, while a higher cost of borrowing generally puts pressure on the metal. Nevertheless, with gold quoted in dollars (XAU/USD), most price movements hinge on the performance of the US Dollar (USD). Dollar strength tends to restrain gold prices; a weaker Dollar, by contrast, is likely to lift them.
(This post was created using an automation tool.)
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