Gold prices in India rose on Friday, according to FXStreet data. The price for gold stood at 13,985.11 Indian Rupees (INR) per gram, up from INR 13,904.04 per gram on Thursday. Similarly, the price per tola increased to INR 163,119.60 from INR 162,174.00 a day earlier. The price for 10 grams was reported at 139,851.10 INR, and for a troy ounce at 434,984.50 INR [1].
FXStreet calculates gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. These prices are updated daily based on market rates at the time of publication, though local rates may diverge slightly [1].
The article highlights that gold is widely viewed as a safe-haven asset and 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. 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 during periods of lower interest rates or when risk assets sell off [1].
CONCLUSION
Gold prices in India experienced a notable increase, reflecting both local and international market dynamics. The continued accumulation of gold by central banks and its role as a safe-haven asset underscore its importance in times of uncertainty.