Gold prices in India increased on Friday, according to FXStreet data. The price for gold stood at 14,359.29 Indian Rupees (INR) per gram, up from INR 14,283.83 per gram on Thursday. Similarly, the price per tola rose to INR 167,484.00 from INR 166,603.80 a day earlier. The price for 10 grams was reported at INR 143,591.90, and for a troy ounce at INR 446,624.20 [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 prices provided are for reference, and local rates may diverge slightly [1].
The article also highlights that gold is widely regarded as a safe-haven asset, especially during turbulent times, and is used as a hedge against inflation and depreciating currencies. 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, 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. It is noted that gold 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 role as a safe-haven asset and a hedge against economic uncertainty. Market participants may continue to monitor global factors and currency movements for further price direction.