Gold prices saw a decrease in India on Monday. The price per gram of gold dropped to 7,655.07 INR, while the price per tola fell to 89,289.55 INR. FXStreet compiles these prices by adjusting international gold prices to the Indian Rupee and measurement units.
Gold prices experienced a decline in India on Monday, according to data compiled by FXStreet. The price per gram of gold settled at 7,655.07 India n Rupees (INR), marking a decrease from the INR 7,695.42 recorded on Friday. The price per tola also decreased to INR 89,289.55 from INR 89,757.92 on Friday. FXStreet determines gold prices in India by adjusting international prices (USD/INR) to reflect the local currency and measurement units.
These prices are updated daily based on prevailing market rates at the time of publication. It's important to note that these figures are for reference purposes only, and actual local rates might exhibit slight variations.Gold, historically, has held a significant place in human civilization, serving as both a store of value and a medium of exchange. Beyond its aesthetic appeal in jewelry, it is widely regarded as a safe-haven asset, making it an attractive investment during periods of economic uncertainty. Furthermore, gold is often viewed as a hedge against inflation and currency depreciation, as its value is not tied to any specific issuer or government.Central banks are the largest holders of gold. To bolster their currencies during times of economic instability, they often diversify their reserves by purchasing gold. This strategy aims to enhance the perceived strength of both the economy and the currency. Substantial gold reserves can instill confidence in a country's financial stability. In 2022, central banks globally added 1,136 tonnes of gold, valued at approximately $70 billion, to their reserves, as per data from the World Gold Council. This marks the highest annual purchase on record. Emerging economies like China, India, and Turkey are rapidly increasing their gold reserves.The price of gold is influenced by a multitude of factors. Geopolitical tensions or fears of a severe recession can rapidly escalate gold prices due to its safe-haven status. As a non-yielding asset, gold tends to rise with lower interest rates, while higher borrowing costs typically weigh down on its value. However, the behavior of the US dollar (USD) plays a major role in determining gold prices, as gold is priced in dollars (XAU/USD). A strong dollar tends to keep gold prices in check, whereas a weaker dollar is likely to drive prices upward
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