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

FXStreet Team FXStreet

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

The price for Gold stood at 9,552.02 Indian Rupees (INR) per gram, down compared with the INR 9,570.02 it cost on Wednesday.

The price for Gold decreased to INR 111,412.90 per tola from INR 111,622.80 per tola a day earlier.

Unit measure	Gold Price in INR
1 Gram	9,552.02
10 Grams	95,520.19
Tola	111,412.90
Troy Ounce	297,101.20

Daily Digest Market Movers: Gold price slumps as the US Dollar strengthens

New York Fed President John Williams on Wednesday emphasized the importance of central bank independence as Trump looks to exert control over monetary policy.

US President Donald Trump stated on Monday that he has fired Fed Governor Lisa Cook, the first instance of a president firing a central bank governor in the Fed’s history.

In response, Lisa Cook said that she would file a lawsuit to prevent her ouster, adding that Trump has no authority to fire her from the central bank, and she will not resign.

Markets are now pricing in nearly an 87% possibility of a 25 basis point (bps) rate cut at the Fed's policy meeting next month, according to the CME FedWatch tool.

"If (the PCE data) is a miss showing stronger inflation, that might begin to call into question whether the Fed's going to be able to cut interest rates in September," said Jim Wyckoff, senior analyst at Kitco Metals.

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.

Gold FAQs

Why do people invest in Gold?

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.

Who buys the most Gold?

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.

How is Gold correlated with other assets?

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.

What does the price of Gold depend on?

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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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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