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India Gold price today: FXStreet data shows Gold moving higher
Data compiled by FXStreet showed that gold prices in India moved higher on Monday.
At 11,909.58 Indian rupees (INR) per gram, gold was up from Friday’s price of INR 11,825.19.
Per tola, gold rose from INR 137,926.70 on Friday to INR 138,910.20.
Measurement unit | Gold Price in INR |
|---|---|
1 Gram | 11,909.58 |
10 Grams | 119,096.70 |
Tola | 138,910.20 |
Troy Ounce | 370,428.30 |
To calculate gold prices in India, FXStreet converts international prices into local currency and measurement units using USD/INR. Daily updates use market rates recorded 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 commonly regarded as a safe-haven asset, making it a favoured investment in unsettled times. Because it is not dependent on any particular issuer or government, gold is also widely viewed as a hedge against inflation and currency depreciation.
The largest holders of gold are central banks. To underpin their currencies during periods of turbulence, they typically diversify their reserves and purchase gold, bolstering perceptions of economic and currency strength. Substantial gold reserves can help inspire confidence in a country’s solvency. According to World Gold Council data, central banks increased their reserves by 1,136 tonnes of gold in 2022, worth around $70 billion. That marked the largest annual purchase on record. Emerging-economy central banks, including those in China, India and Turkey, are rapidly expanding 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 be accompanied by a rise 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 gains typically weigh on gold prices, whereas selling in riskier markets tends to support them.
A broad range of influences can shift gold prices. Its safe-haven appeal means geopolitical instability or concerns about a severe recession can send prices sharply higher. Gold pays no yield, so lower interest rates tend to lift it, while higher borrowing costs generally put pressure on the precious metal. Nevertheless, movements in the US Dollar (USD) drive most price changes, 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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