Commodities
Home›Commodities›Precious Metals›Gold rises in India, with price increases vs Tuesday
Gold rises in India, with price increases vs Tuesday
Gold in India was up from Tuesday, reaching 13,375.7 INR per gram and 156,011.3 INR per tola.
Gold prices rose in India on Wednesday, according to data compiled by FXStreet. The price for gold was 13,375.71 Indian rupees per gram, up from 13,301.55 INR per gram on Tuesday.
Gold also increased to 156,011.30 INR per tola from 155,146.70 INR per tola a day earlier. FXStreet said it calculates Indian gold prices by adapting international prices based on USD/INR exchange rates and local measurement units, and that local rates can diverge slightly.
FXStreet noted that gold is widely viewed as a safe-haven asset, used as a store of value and a hedge against inflation and depreciating currencies. It also said central banks are the biggest holders, and that central banks added 1,136 tonnes of gold worth about $70 billion to reserves in 2022, the highest yearly purchase since records began.
The outlet added that gold often moves inversely to the US dollar and US Treasuries, and that it can also react to changes in interest rates and broader risk conditions, including geopolitical instability or recession fears. FXStreet said gold is also inversely correlated with risk assets, with stock market rallies tending to weigh on prices.
Latest closeGold $4,395.60 ▼0.8%