Gold prices in India increased on Thursday, according to FXStreet data. The price for gold stood at 13,226.30 Indian Rupees (INR) per gram, up from INR 13,139.72 per gram on Wednesday. Similarly, the price per tola rose to INR 154,269.00 from INR 153,259.10 a day earlier. The price for 10 grams was reported at INR 132,261.60, and for a troy ounce at INR 411,387.60 [1].
FXStreet notes that gold prices in India are calculated by adapting international prices (USD/INR) to local currency and measurement units, with daily updates based on market rates at the time of publication. The data is intended for reference, and local rates may diverge slightly [1].
The article highlights that gold is widely regarded as a safe-haven asset, especially during turbulent times, and is also seen as a hedge against inflation and currency depreciation. Central banks, particularly from emerging economies such as China, India, and Turkey, have been increasing their gold reserves. In 2022, central banks added 1,136 tonnes of gold worth around $70 billion to their reserves, marking the highest yearly purchase since records began, according to the World Gold Council [1].
Gold's price is influenced by various factors, including geopolitical instability, recession fears, and movements in the US Dollar. The metal typically has an inverse correlation with the US Dollar and US Treasuries, and tends to rise when the Dollar weakens or when risk assets decline [1].
CONCLUSION
Gold prices in India experienced a notable increase, reflecting both international market movements and local currency adjustments. The ongoing trend of central bank gold purchases and gold's role as a safe-haven asset continue to support its price. Market participants may look to further developments in global economic conditions and currency movements for future direction.