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India Gold price today: Gold moves lower, FXStreet data shows
Data compiled by FXStreet showed a decline in gold prices in India on Friday.
At 12,272.80 Indian rupees (INR) per gram, gold was down from Thursday’s price of INR 12,437.96.
Per tola, gold slipped from INR 145,073.90 a day earlier to INR 143,147.50.
Unit of measurement | Gold price (INR) |
|---|---|
1 gram | 12,272.80 |
10 grams | 122,731.50 |
Tola | 143,147.50 |
Troy ounce | 381,739.80 |
To calculate gold prices in India, FXStreet converts international prices into local currency using USD/INR and adjusts them to local units of measurement. Daily updates reflect market rates at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold: Common Questions Answered
Widely used both to store value and as a medium 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 broadly regarded as a safe-haven asset, or a sound investment during periods of turmoil. Because it is not dependent on any particular issuer or government, gold is also commonly viewed as protection against inflation and currency depreciation.
The largest holders of gold are central banks. To underpin their currencies during unsettled periods, they typically diversify reserves and purchase gold, seeking to bolster perceptions of economic and currency strength. Substantial gold reserves can help inspire confidence in a country’s solvency. According to the World Gold Council, central banks increased 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. Emerging-economy central banks, including those in 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. A weakening Dollar generally accompanies gains in gold, allowing investors and central banks to diversify their holdings during turbulent periods. The precious metal also has an inverse relationship with risk assets: stock market rallies tend to weigh on gold prices, whereas selling in riskier markets usually supports them.
Many different factors can drive movements in gold prices. Its safe-haven appeal means geopolitical unrest or concerns about a severe recession can prompt rapid gains. Gold pays no yield, so lower interest rates tend to support it, while a higher cost of borrowing generally puts pressure on the metal. Nevertheless, the behaviour of the US Dollar (USD) drives most price movements, as gold is quoted in dollars (XAU/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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