India Gold price today: Gold rises, according to FXStreet data
Gold prices rose in India on Friday, according to data compiled by FXStreet.
The price for Gold stood at 9,299.85 Indian Rupees (INR) per gram, up compared with the INR 9,244.87 it cost on Thursday.
The price for Gold increased to INR 108,471.60 per tola from INR 107,830.30 per tola a day earlier.
| Unit measure | Gold Price in INR |
|---|---|
| 1 Gram | 9,299.85 |
| 10 Grams | 92,996.99 |
| Tola | 108,471.60 |
| Troy Ounce | 289,257.90 |
Daily digest market movers: Gold sinks on market mood improvement, high US yields
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Gold price dives as Wall Street registers modest gains at the time of writing. Also, a spike in US Treasury yields weighed on the non-yielding metal, which is set to reverse Wednesday’s gains. Despite this, Gold, usually a safe-haven asset during times of political and economic uncertainty, is up around 29% this year.
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The US 10-year Treasury yield rises 4.5 basis points to 4.377%. US real yields have followed suit and are also up two basis points at 2.065%, a headwind for Bullion prices.
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Initial Jobless Claims for the week ending May 31 increased by 247K, above estimates of 235K and up from the previous week's 240K. The data reinforced the ADP Employment Change report for May, which could be a prelude for a negative Nonfarm Payrolls report.
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The US Trade Balance revealed that the deficit narrowed sharply in May, contracting by 55.5% to $-61.6 billion, the lowest since September 2023.
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According to Reuters, Metals Focus said, “Central banks worldwide are set to buy 1,000 metric tons of Gold in 2025, marking a fourth straight year of massive purchases as they shift reserves away from [US D]ollar assets.”
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Money markets suggest that traders are pricing in 54.5 basis points of easing toward the end of the year, according to Prime Market Terminal data.
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 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.)
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