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Gold prices fell in India on Wednesday, according to data compiled by FXStreet. The price for Gold stood at 7,063.98 Indian Rupees (INR) per gram, down compared with the INR 7,076.99 it cost on Tuesday. The price for Gold decreased to INR 82,392.87 per tola from INR 82,544.62 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 7,063.98 10 Grams 70,639.79 Tola 82,392.87 Troy Ounce 219,715.30 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. 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…

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Filed under: News - @ October 9, 2024 5:25 am