Friday prices fell on Friday, according to data compiled by FXStreet.
The gold price was 8,032.76 Indian Rs (INR) per gram, down compared to the IT cost of 8,072.62 on Thursday.
Gold prices fell to 93,692.55 per TOLA, at 94,157.45 per TOLA a day ago.
| Unit Measure | INR gold prices |
|---|---|
| 1 gram | 8,032.76 |
| 10 grams | 80,327.62 |
| Tora | 93,692.55 |
| Troy ion | 249,847.00 |
Daily Digest Market Mover: PCE Fridays are more important than ever
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Overnight, after a number of conflicts between the US president about what tariffs will be made and when and for which countries, he had to issue an additional statement regarding the US current schedule for US tariffs to be imposed. Troubled communications from Trump himself have cast fog on the tariff elements and caused a sudden sale of gold (which has previously been a safe shelter for tariffs), Bloomberg reports.
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The main data elements for this Thursday have been released.
- Second reading of US Domestic Production (GDP) in the fourth quarter of 2024:
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The annual GDP was 2.3%, and it appeared as expected.
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The preliminary personal consumption spending (PCE) component of the headline was higher at 2.4%, with 2.3% turning the red heat at 2.7%, surpassing 2.5% and beating 2.3%.
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The US first unemployment claim for the week ending February 21st is the top 224,000, with Washington, DC's specific figures regarding the uprising. Obviously, Doge Effect is playing here. Continued US bills for the week ending February 14th fell below the expected 1.87 billion yen, down to 1862 million, below the previous 1869 million.
- Second reading of US Domestic Production (GDP) in the fourth quarter of 2024:
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The US Kansas FED Manufacturing Activity Index for February will be released at 16:00 GMT. Previous reads at -5 have no predictions.
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Five US Federal Reserve officials will speak.
- 15:00 GMT, director, Federal Reserve Vice Chair Michael Barr will give a speech on “Novel Activities Director” at the TechSprint event for Bank and Fintech Arrangements held in Washington, DC.
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At 16:45 GMT, Federal Reserve Governor Michelle Bowman will give a speech focused on community banking in the Fort Hayes State University Robbins Banking Institute Lecture Series in Hayes, Kansas.
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18:00 GMT, Richmond's Federal Reserve President Thomas Birkin talks about “inflation and now” at Fayetteville Cumberland Economic Development, North Carolina.
- Just 15 minutes later, Beth M. Hamac, chairman and chief executive of the Federal Reserve Bank of Cleveland, will be taking part in the 2025 Bank Regulation Research Council at Columbia University/Bank Policy Institute, New York.
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20:15 GMT Federal Reserve Bank President Patrick T. Harker discusses the economic outlook in the Lyon Economic Forecast released by the University of Delaware Center for Economic Education and Entrepreneurship in Newark, Delaware.
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Stocks roll in both Europe and the US, with less than 1% in both Europe and the US, but Europe faces heavy losses near the close bell.
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The CME FedWatch tool has a 33.0% chance that interest rates will remain in their current range in June, with the rest showing potential tax cuts.
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The US 10-year yield is not far from the low AAT of 4.24% this week, at around 4.28%, down a further 4.574% from last week's high.
FXSTREET calculates the price of gold in India by adapting international prices (USD/INR) to local currency and units of measurement. Prices are updated daily based on market rates made at time of publication. Prices are for reference only, and local rates may diverge slightly.
Gold FAQ
Gold has played an important role in human history as it is widely used as a medium of value and exchange. Apart from the gem's brilliance and usage, precious metals are now widely viewed as safe haven assets. In other words, it is considered a good investment in times of turbulence. Gold is also widely viewed as a hedge against inflation and depreciation currencies, as it is not dependent on a particular issuer or government.
The central bank is the largest holder of money. With the aim of supporting currency in turbulent times, central banks tend to buy gold to diversify reserves and improve the perceived strength of the economy and currency. High gold reserves provide a source of trust in the country's solvency. The central bank added 1,136 tonnes of gold to its bookings in 2022, worth around $70 billion, according to data from the World Gold Council. This is the best purchase every year since the record began. Central banks in emerging economies such as China, India and Türkiye are rapidly increasing their gold reserves.
Gold is inversely correlated with the US dollar and the US Treasury, both major reserve assets and safe haven assets. As the dollar depreciates, gold tends to rise, allowing investors and central banks to diversify their assets during turbulence. Gold is also inversely correlated with risk assets. While rallies in the stock market tend to weaken gold prices, selling in high-risk markets tends to favor valuable metals.
A wide range of factors allow prices to move. The fear of geopolitical instability or deep recession can quickly escalate gold prices due to their safe conditions. As an asset that does not yield, gold tends to rise at lower interest rates, but the cost of higher money usually weighs the yellow metal. Still, most movements depend on how the US dollar (USD) works, as assets are priced in dollars (Xau/USD). Strong dollars tend to keep the price of gold down, while weaker dollars can push the price of gold up.
(An automation tool was used to create this post.)
