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India Gold price today: Gold declines, FXStreet data shows
Data compiled by FXStreet showed a decline in Gold prices in India on Wednesday.
At 12,359.88 Indian Rupees (INR) per gram, Gold was down from Tuesday’s price of INR 12,420.69.
Per tola, Gold fell from INR 144,872.50 a day earlier to INR 144,163.20.
Measurement unit | Gold price (INR) |
|---|---|
1 gram | 12,359.88 |
10 grams | 123,599.70 |
Tola | 144,163.20 |
Troy ounce | 384,432.50 |
To calculate Gold prices in India, FXStreet converts international prices into local currency (USD/INR) and local units of measurement. Daily updates use market rates recorded at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold explained
Throughout human history, Gold’s widespread use as both a store of value and a medium of exchange has given it an important role. Beyond its lustre and use in jewellery, the precious metal is now widely regarded as a safe-haven asset, considered a sound investment in periods of turmoil. Because it is not dependent on any 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. Seeking to underpin 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. World Gold Council data show that central banks increased their reserves by 1,136 tonnes of Gold in 2022, worth around $70 billion. No higher annual purchase has been recorded since records began. Among emerging economies, the central banks of China, India and Turkey are expanding their Gold reserves rapidly.
Both the US Dollar and US Treasuries are major reserve and safe-haven assets, and Gold is inversely correlated with them. Dollar depreciation tends to lift Gold, allowing investors and central banks to diversify their assets during turbulent periods. The precious metal also has an inverse relationship with risk assets: rising share markets tend to weigh on Gold prices, whereas selling in riskier markets generally supports the metal.
A broad range of influences can drive Gold prices. Its safe-haven appeal means geopolitical instability or concerns about a deep recession can trigger rapid price increases. Since Gold pays no yield, lower interest rates tend to support it, while a higher cost of borrowing usually weighs on the metal. Nevertheless, with Gold 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.
(An automation tool was used in creating this post.)
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