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Gold price today in India: Prices hold steady, FXStreet data show
Data compiled by FXStreet showed little change in gold prices in India on Tuesday.
At 12,310.14 Indian rupees (INR) per gram, gold was broadly stable against Monday’s price of INR 12,299.84.
On a per-tola basis, gold held broadly steady at INR 143,584.20, compared with INR 143,462.90 the previous day.
Measurement unit | Gold Price (INR) |
|---|---|
1 Gram | 12,310.14 |
10 Grams | 123,103.30 |
Tola | 143,584.20 |
Troy Ounce | 382,901.40 |
To calculate gold prices in India, FXStreet converts international prices using USD/INR and 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 held an important place throughout human history. Beyond its lustre and use in jewellery, the precious metal is now widely regarded as a safe-haven asset, or a good investment during periods of turbulence. Its independence from any particular issuer or government also underpins the widespread view of gold as a hedge against inflation and currency depreciation.
The largest holders of gold are central banks. To support their currencies during turbulent periods, they tend to diversify their reserves through gold purchases, seeking to strengthen perceptions of both their economies and currencies. Substantial gold reserves can bolster confidence in a country’s solvency. World Gold Council data show that central banks increased their reserves by 1,136 tonnes of gold, worth around $70 billion, in 2022. No higher annual purchase has been recorded since records began. 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 be accompanied by gains in gold, allowing investors and central banks to diversify their holdings during turbulent periods. The metal also has an inverse relationship with risk assets: stock market rallies tend to put pressure on gold prices, whereas sell-offs in riskier markets generally favour it.
A broad range of influences can drive changes in gold prices. The metal’s safe-haven status means geopolitical instability or concerns about a deep recession can trigger a rapid rise. Because gold offers no yield, lower interest rates tend to support its price, while higher borrowing costs usually weigh on it. Nevertheless, with gold quoted in dollars (XAU/USD), most price movements depend on the behaviour of the US Dollar (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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