Most recent article: India Gold price today: Gold steadies, according to FXStreet data
Gold prices remained broadly unchanged in India on Tuesday, according to data compiled by FXStreet.
The price for Gold stood at 6,225.58 Indian Rupees (INR) per gram, broadly stable compared with the INR 6,222.31 it cost on Monday.
The price for Gold was broadly steady at INR 72,613.95 per tola from INR 72,575.77 per tola a day earlier.
| Unit measure | Gold Price in INR |
|---|---|
| 1 Gram | 6,225.58 |
| 10 Grams | 62,256.34 |
| Tola | 72,613.95 |
| Troy Ounce | 193,637.30 |
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 awaits Fedspeak and US Retail Sales data
- The emergence of some US Dollar dip-buying acts as a headwind for the Gold price on Tuesday, though any meaningful slide seems elusive in the wake of bets for two rate cuts by the Federal Reserve in 2024.
- The Fed projected only one interest rate cut this year as compared to three projected in March, allowing the US bond yields to recover a part of last week's downfall and assisting the USD to regain positive traction.
- Moreover, Philadelphia Fed President Patrick Harker said on Monday that keeping rates where they are for a bit longer will get inflation down and mitigate upside risks, undermining the non-yielding yellow metal.
- Meanwhile, data released on Friday showed that US import prices fell for the first time in five months in May, which, along with weaker US consumer and producer prices, suggested that inflation in the US is subsiding.
- This keeps hopes alive for the first rate cut by the Fed in September and another in December, warranting some caution before positioning for the resumption of the commodity's recent pullback from the all-time peak.
- Investors now look forward to Tuesday's US economic docket – featuring the release of Retail Sales and Industrial Production data – for short-term trading opportunities later during the early North American session.
- Apart from this, speeches by a slew of influential FOMC members will play a key role in driving the USD demand, which, along with the broader risk sentiment, should provide some impetus to the precious metal.
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.)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
GBP/USD stays firm above 1.2750 after a landslide Labour victory
GBP/USD keeps its range above 1.2750 in early European session on Friday. The Pound Sterling stays unperturbed by the landslide Labour Party victory in the UK general election while the US Dollar awaits the Nonfarm Payrolls data for fresh directives.
EUR/USD moves above 1.0800; next barrier at upper boundary of the channel
EUR/USD continues its winning streak for the seventh successive day, trading around 1.0820 during the Asian hours on Friday. A technical analysis of the daily chart indicates a bullish bias, with the pair oscillating within an ascending channel.
Gold could retest June highs at $2,390 on US NFP disappointment
Gold price is consolidating near two-week highs of $2,365 reached on Wednesday, as the US Dollar continues to lick its wounds, shrugging off a minor bounce in the US Treasury bond yields. Gold price braces for the return of US traders from the July 4 holiday and the all-important Nonfarm Payrolls data for fresh impulse.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin falls below $56,000 level
BTC breached the weekly support level of $58,375 on Thursday; as of Friday, it is trading 2.8% lower at $55,314. ETH and XRP have dropped below crucial support thresholds.
Nonfarm Payrolls forecast to grow by 190K in June as Fed ponders rate-cut timing
With US Federal Reserve Chairman Jerome Powell’s Sintra appearance out of the way, all eyes now remain on top-tier Nonfarm Payrolls data for June, due on Friday at 12:30 GMT.