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India Gold price today: Gold declines, FXStreet data shows
Indian gold prices were lower on Thursday, data compiled by FXStreet showed.
At 11,970.11 Indian rupees (INR) per gram, gold was down from Wednesday’s price of INR 12,002.76.
Per tola, gold slipped from INR 139,997.80 a day earlier to INR 139,616.50.
Unit of measurement | Gold Price (INR) |
|---|---|
1 Gram | 11,970.11 |
10 Grams | 119,701.00 |
Tola | 139,616.50 |
Troy Ounce | 372,310.00 |
To calculate Indian gold prices, FXStreet converts international prices into local currency using USD/INR and adjusts them to local units of measurement. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
Gold Explained
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, or a good investment in unsettled times. Because it is not dependent on any particular issuer or government, gold is also widely considered a hedge against inflation and currency depreciation.
The largest holders of gold are central banks, which tend to diversify their reserves and purchase the metal to support their currencies during periods of turbulence. These purchases aim to strengthen perceptions of both the economy and the currency. Substantial gold reserves can underpin 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 year since records began has seen larger purchases. Emerging-economy central banks, including those in 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 has an inverse correlation with them. A weaker Dollar tends to lift gold, allowing investors and central banks to diversify their holdings in turbulent periods. The metal also has an inverse relationship with risk assets: rising equity markets tend to put pressure on gold prices, whereas selling in riskier markets generally benefits the precious metal.
A broad range of influences can drive 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 support it, while higher borrowing costs usually put pressure on the metal. Most price movements nevertheless hinge on the US Dollar (USD), 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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