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India Gold price today: Gold advances, FXStreet data show
Data compiled by FXStreet showed higher gold prices in India on Wednesday.
At 11,999.01 Indian rupees (INR) per gram, gold was up from Tuesday’s price of INR 11,930.59.
Per tola, gold climbed from INR 139,156.10 a day earlier to INR 139,945.30.
Unit of Measurement | Gold Price (INR) |
|---|---|
1 Gram | 11,999.01 |
10 Grams | 119,982.50 |
Tola | 139,945.30 |
Troy Ounce | 373,209.00 |
To calculate gold prices in India, FXStreet converts international prices (USD/INR) into local currency and measurement units. Daily updates use market rates recorded at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold: Frequently Asked Questions
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 widely regarded as a safe-haven asset and therefore a good investment in periods of turmoil. Since 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. To underpin their currencies during turbulent 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. 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 economies’ central banks, including those of China, India and Turkey, are rapidly expanding 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 decline in the Dollar generally 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 put pressure on the gold price, whereas selling in riskier markets typically benefits the precious metal.
A broad range of influences can shift the gold price. Its safe-haven role means geopolitical unrest or concerns about a severe recession can trigger a rapid increase. Gold pays no yield, so lower interest rates generally support its price, while higher borrowing costs usually put the metal under pressure. Nevertheless, the behaviour of the US Dollar (USD) drives most movements, as gold is quoted in dollars (XAU/USD). Dollar strength tends to restrain the gold price; a weaker Dollar, by contrast, is likely to lift it.
(An automation tool was used in creating this post.)
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