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India Gold price today: FXStreet data shows Gold moving higher
Data compiled by FXStreet showed an increase in gold prices in India on Wednesday.
At 12,198.48 Indian rupees (INR) per gram, gold was higher than Tuesday’s price of INR 12,158.77.
Per tola, gold climbed from INR 141,817.50 a day earlier to INR 142,280.30.
Unit of measurement | Gold price (INR) |
|---|---|
1 Gram | 12,198.48 |
10 Grams | 121,987.20 |
Tola | 142,280.30 |
Troy Ounce | 379,415.30 |
To calculate gold prices in India, FXStreet converts international prices into local currency and measurement units using USD/INR. 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 as both a store of value and a medium of exchange, gold has held an important place throughout human history. Beyond its lustre and use in jewellery, the precious metal is now broadly regarded as a safe-haven asset, or a sound investment during periods of turbulence. Its lack of dependence on any particular issuer or government also underpins its widespread appeal as a hedge against inflation and currency depreciation.
The largest holders of gold are central banks. Seeking to support their currencies during unsettled periods, they typically diversify their reserves and purchase gold to bolster perceptions of economic and currency strength. Substantial gold reserves can inspire confidence in a country’s solvency. According to World Gold Council data, central banks expanded their reserves by 1,136 tonnes of gold, valued at around $70 billion, in 2022. No higher annual purchase has been recorded since records began. Among emerging economies, central banks in China, India and Turkey are rapidly building their gold reserves.
Both the US Dollar and US Treasuries, major reserve and safe-haven assets, have an inverse correlation with gold. A fall in the Dollar tends to lift gold, allowing investors and central banks to diversify their holdings during turbulent periods. An inverse relationship also exists between gold and risk assets: stock market gains tend to put pressure on the gold price, whereas selling in riskier markets generally benefits the precious metal.
A broad range of influences can drive changes in gold prices. Given its safe-haven status, the metal can rise sharply when geopolitical instability emerges or concerns about a deep recession intensify. Gold pays no yield, so lower interest rates tend to support it, while a higher cost of borrowing usually weighs on the metal. Nevertheless, because gold is priced 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 with the help of an automation tool.)
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