Gold prices in India increased on Tuesday, with the price per gram rising to 13,549.95 Indian Rupees (INR), up from 13,463.78 INR on Monday, according to FXStreet data [1]. The price per tola also saw an uptick, reaching 158,050.20 INR compared to 157,038.90 INR the previous day [1]. Other quoted prices include 135,504.30 INR for 10 grams and 421,422.80 INR per troy ounce [1].
FXStreet notes that these gold prices 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 [1]. However, the platform cautions that local rates may diverge slightly from these reference prices [1].
The article highlights gold's role as a safe-haven asset and a hedge against inflation and depreciating currencies, especially during turbulent times [1]. Central banks, particularly from emerging economies such as China, India, and Turkey, have been increasing their gold reserves, with central banks adding 1,136 tonnes of gold worth around $70 billion to their reserves in 2022, 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 depreciates or when there are sell-offs in riskier markets [1].
CONCLUSION
Gold prices in India have risen, reflecting both local and international market dynamics. The increase underscores gold's continued appeal as a safe-haven asset and its sensitivity to global economic factors. Investors and central banks remain attentive to gold's role in portfolio diversification and economic stability.