India Gold price today: Gold rises, according to FXStreet data

Unit measure	Gold Price in INR
1 Gram	9,888.34
10 Grams	98,887.15
Tola	115,338.20
Troy Ounce	307,575.10

Daily Digest Market Movers: Gold continues to benefit from Fed rate cut bets, safe-haven flows

Rising bets that the Federal Reserve will cut interest rates this month push the Gold price higher for the sixth straight day, to levels beyond the $3,500 psychological mark or a fresh all-time peak during the Asian session on Tuesday.

US Treasury Secretary Scott Bessent defended US President Donald Trump's decision to fire Fed Governor Lisa Cook over allegations of mortgage fraud. Moreover, Trump has criticised Fed Chair Jerome Powell for not lowering rates.

This adds to worries about the Fed's independence, which might keep a lid on any attempted US Dollar recovery from the vicinity of August monthly swing lows, retested on Monday, and further benefit the non-yielding yellow metal.

A US federal appeals court ruled on Friday that Trump's reciprocal tariffs were illegal. Trump has made it clear the next stop will be the Supreme Court, adding a layer of uncertainty in the markets and underpinning the safe-haven bullion.

An escalation of the conflict between Russia and Ukraine, and in the Middle East, keeps the geopolitical risks in play. This is seen as another factor lending support to the XAU/USD pair and backs the case for a further appreciating move.

Traders now look forward to important US macro releases scheduled at the beginning of a new month, starting with the ISM Manufacturing PMI on Tuesday, for more cues about the Fed's rate cut path and a fresh directional impetus.

This week's US economic docket also features JOLTS Job Openings on Wednesday, followed by the ADP report on private-sector employment and ISM Services PMI on Thursday, ahead of the Nonfarm Payrolls (NFP) report on Friday.

FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. 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 FAQs

Why do people invest in Gold?

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Who buys the most Gold?

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

How is Gold correlated with other assets?

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

What does the price of Gold depend on?

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

(An automation tool was used in creating this post.)

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