Gold prices in India fell on Monday, according to data compiled by FXStreet.
Gold price fell at INR 7,158.86 per gram compared to INR 7,226.77 on Friday.
Gold price fell to Rs 83,499.88 per tola from Friday's Rs 84,291.67.
| unit measurement | Gold price in INR |
|---|---|
| 1 gram | 7,158.86 |
| 10 grams | 71,588.90 |
| tiger | 83,499.88 |
| troy ounce | 222,667.20 |
FXStreet calculates the gold price in India by adapting the international price (USD/INR) to the local currency and unit of measurement. Prices are updated daily based on market rates at the time of publication. Prices are for reference only and local prices may vary slightly.
Gold FAQ
Gold has played an important role in human history as it has been widely used as a store of value and a medium of exchange. Today, apart from their brilliance and use as jewellery, precious metals are widely seen as safe assets, meaning they are considered a good investment in turbulent times. Gold is also widely seen as a hedge against inflation and currency depreciation, as it is not dependent on any particular issuer or government.
Central banks are the largest holders of gold. With the aim of supporting their currencies in times of turmoil, central banks tend to purchase gold to diversify foreign exchange reserves and improve perceptions of economic and currency strength. High gold reserves can be a source of confidence in a country's solvency. Central banks added 1,136 tonnes of gold worth about $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest annual purchase amount since records began. Central banks in emerging countries such as China, India and Türkiye are rapidly increasing their gold reserves.
Gold has an inverse relationship with the US dollar and US Treasuries, which are major reserve and safe haven assets. Gold tends to rise when the dollar falls, allowing investors and central banks to diversify their assets during times of turmoil. Gold is also inversely correlated with risk assets. Rising stock markets tend to push gold prices down, while declines in riskier markets tend to favor the precious metal.
Prices may vary depending on various factors. Geopolitical instability and fears of a deep recession can cause the price of gold to quickly rise from its safe-haven status. Gold, a non-yielding asset, tends to rise when interest rates fall, but rising costs usually put pressure on the yellow metal. Still, most moves will depend on how the US dollar (USD) behaves, as the asset is priced in dollars (XAU/USD). A strong dollar tends to suppress gold prices, while a weak dollar can push gold prices up.
(An automated tool was used to create this post.)
