Gold prices rose in India on Thursday, according to data compiled by FXStreet.
The price for Gold stood at 8,074.29 India n Rupees per gram, up compared with the INR 8,053.87 it cost on Wednesday. The price for Gold increased to INR 94,176.97 per tola from INR 93,938.73 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 8,074.29 10 Grams 80,742.93 Tola 94,176.97 Troy Ounce 251,138.80 FXStreet calculates Gold prices in India by adapting international prices to the local currency and measurement units.
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.
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