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India Gold price today: FXStreet data show Gold prices rising
Data compiled by FXStreet showed that gold prices in India moved higher on Monday.
At 12,247.00 Indian rupees (INR) per gram, gold was above Friday’s price of INR 12,198.60.
Per tola, gold advanced from INR 142,282.10 on Friday to INR 142,848.30.
Measurement unit | Gold price (INR) |
|---|---|
1 Gram | 12,247.00 |
10 Grams | 122,487.70 |
Tola | 142,848.30 |
Troy Ounce | 380,930.90 |
To calculate gold prices in India, FXStreet converts international prices into local currency using USD/INR and adjusts them to local measurement units. Daily updates reflect market rates 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 occupied 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 sound investment during periods of turbulence. Because it is not dependent on a 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, bolstering perceptions of strength in both the economy and the currency. Substantial gold reserves can foster confidence in a country’s solvency. World Gold Council data show that central banks increased their reserves by 1,136 tonnes of gold in 2022, worth around $70 billion. No year since records began has seen larger purchases. In emerging economies including China, India and Turkey, central banks 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 declining Dollar generally accompanies a rise in gold, allowing investors and central banks to diversify their assets during unsettled periods. The metal also has an inverse relationship with risk assets: stock market gains tend to weigh on gold prices, whereas selling in riskier markets usually supports the precious metal.
Numerous factors can influence gold prices. Its safe-haven status means that geopolitical instability or concerns over a deep recession can trigger a rapid price increase. Since gold offers no yield, lower interest rates tend to support it, while a higher cost of borrowing usually weighs on the precious 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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