Gold prices fell in India on Monday, according to data compiled by FXStreet.
The price for Gold stood at 7,246.08 India n Rupees per gram, down compared with the INR 7,285.18 it cost on Friday. The price for Gold decreased to INR 84,516.86 per tola from INR 84,972.85 per tola on friday. Unit measure Gold Price in INR 1 Gram 7,246.08 10 Grams 72,461.08 Tola 84,516.86 Troy Ounce 225,378.50 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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