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

On Friday, India's gold prices experienced an increase, as reported by FXStreet data. The price of gold reached 13,985.11 Indian Rupees (INR) per gram, a rise compared to 13,904.04 INR per gram on the previous day. In tolas, the price climbed from 162,174.00 INR per tola to 163,119.60 INR per tola. FXStreet calculates these prices by converting international values (USD/INR) to the local currency and measurement units, updating them daily based on market rates at the time of publication.

While gold has historically served as a store of value and medium of exchange, today it is primarily seen as a safe-haven asset during turbulent times, a hedge against inflation and currency depreciation, and a symbol of trust in a nation's solvency due to central bank ownership. Central banks have been adding to their gold reserves, with an increase of 1,136 tonnes in 2022, the highest yearly purchase on record.

The gold price is influenced by factors such as the US Dollar and US Treasuries, geopolitical events, interest rates, and the inverse correlation with risk assets. Gold's price is largely determined by the performance of the US Dollar, as it is priced in dollars (XAU/USD). A weaker US Dollar typically leads to higher gold prices, while a strong Dollar tends to keep gold prices controlled.

As of late June, gold had reached a high of around $4,544, and continued its upward trend above a significant 200-day Simple Moving Average.