India Gold price Tuesday: Gold falls, according to FXStreet data


Most recent article: India Gold price today: Gold rises, according to FXStreet data

Gold prices fell in India on Tuesday, according to data compiled by FXStreet.

The price for Gold stood at 6,305.08 Indian Rupees (INR) per gram, down INR 6.47 compared with the INR 6,311.55 it cost on Monday.

The price for Gold decreased to INR 73,541.21 per tola from INR 73,616.68 per tola.

Unit measure Gold Price in INR
1 Gram 6,305.08
10 Grams 63,050.26
Tola 73,541.21
Troy Ounce 196,110.00

 

FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.

Global Market Movers: Comex Gold price fails to attract follow-through buying despite Fed rate cut bets

  • Signs of easing inflationary pressures and slowing economic growth lifted bets for an imminent rate cut by the Federal Reserve this year, which should continue to drive flows towards the non-yielding Comex Gold price. 
  • The US Bureau of Economic Analysis (BEA) reported on Friday that the Personal Consumption Expenditures (PCE) Price Index held steady at 2.7% and the core gauge rose 2.8% on a yearly basis, matching expectations.
  • Data published on Monday showed that the US Institute for Supply Management's (ISM) Manufacturing PMI fell to 48.7 in May from the 49.2 previous, led by a slump in new goods orders by the most in nearly two years.
  • This, in turn, triggered a fresh leg down in the US Treasury bond yields, dragging yields on the rate-sensitive two-year US government bond and the benchmark 10-year note to their lowest level since May 21.
  • The US Dollar slides to its lowest level since April 10, which, along with geopolitical tensions in the Middle East, could offer additional support to the safe-haven XAU/USD and support prospects for some upside. 
  • Traders now look forward to the US economic docket, featuring the release of JOLTS Job Openings and Factory Orders data for short-term opportunities later during the early North American session this Tuesday. 
  • The attention will then turn to the US ADP report on private-sector employment scheduled on Wednesday, which will be followed by the official jobs data, popularly known as the Nonfarm Payrolls (NFP) report on Friday 
  • Apart from this, investors this week will take cues from key central bank event risks – the Bank of Canada (BoC) decision on Wednesday and the highly-anticipated European Central Bank (ECB) meeting on Thursday. 

 

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

(An automation tool was used in creating this post.)

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