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

India's gold prices increased on Tuesday, as per information provided by FXStreet. The price of gold per gram reached 13,549.95 Indian Rupees (INR), surpassing Monday's rate of 13,463.78 INR. The cost of gold per tola rose to INR 158,050.20 from INR 157,038.90 the previous day. FXStreet determines Indian gold prices by converting global prices (USD/INR) into the local currency and units.

The rates are updated daily based on market figures taken at the time of publication and are meant as references only, as local rates might differ slightly. Gold has been utilized by humans for centuries as a store of value, medium of exchange, safe-haven asset, and hedge against inflation and devaluing currencies. Central banks are the largest gold holders, often adding to their reserves to bolster their currencies during uncertain times.

In 2022, central banks from emerging economies like China, India, and Turkey purchased a record-breaking 1,136 tonnes of gold worth approximately $70 billion, according to data from the World Gold Council. The precious metal has an inverse relationship with the US Dollar and US Treasuries, both major safe-haven assets. When the Dollar weakens, gold tends to rise, providing investors and central banks with diversification options in turbulent times.

Gold also moves inversely with risk assets; a stock market rally typically reduces gold prices, while sell-offs in riskier markets promote the precious metal. Various factors influence gold prices, including geopolitical tensions, recession fears, lower interest rates, and the behavior of the US Dollar, as gold is priced in dollars (XAU/USD).