India Gold price today: Gold rises, according to FXStreet data
Gold prices rose in India on Wednesday, according to data compiled by FXStreet.
On Monday, gold prices in India climbed to INR 12,465.12 per gram, according to FXStreet data. This is an increase from INR 12,276.33 per gram on Friday. The price per tola also rose to INR 145,391.10 from INR 143,188.70 on Friday. FXStreet calculates Indian gold prices by converting international prices to local currency and units.
Gold has been a significant asset throughout history, used as a store of value and medium of exchange. Today, it is viewed as a safe-haven asset during turbulent times and a hedge against inflation and currency depreciation. Central banks, which hold the largest gold reserves, often buy the metal to strengthen their economies and currencies.
In 2022, central banks added a record 1,136 tonnes of gold worth around $70 billion to their reserves. Gold has an inverse relationship with the US Dollar and US Treasuries, which are also major safe-haven assets. When the US Dollar weakens, gold prices tend to rise, providing investors and central banks with a diversified asset class.
Gold also moves inversely with risk assets, as strong stock market performances usually lead to weaker gold prices. The price of gold can be influenced by various factors, including geopolitical tensions, interest rates, and the US Dollar's strength.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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