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

India witnessed a rise in gold prices on Thursday, as reported by FXStreet. The price per gram of gold reached 13,024.38 Indian Rupees (INR), an increase from INR 12,991.59 on the previous day. The price per tola of gold also rose to INR 151,914.00 from INR 151,531.30. The FXStreet calculation adapts international prices to local currency and units, updating daily based on market rates.

Gold holds significant historical value as a store of value and medium of exchange. Currently, it serves as a safe-haven asset, sought after during turbulent times, and seen as a hedge against inflation and depreciating currencies. Central banks are the largest gold holders, diversifying their reserves by purchasing gold to bolster perceived economic strength and currency stability.

In 2022, central banks added 1,136 tonnes of gold worth approximately $70 billion to their reserves, the highest yearly purchase since records began. Gold exhibits inverse correlation with the US Dollar and US Treasuries, and inversely correlates with risk assets. Geopolitical instability or recession fears often drive gold prices higher due to its safe-haven status. Most price fluctuations depend on the behavior of the US Dollar, as gold is priced in dollars.