Gold Prices in India Today: Gold Rises as per FXStreet Data

Gold prices in India saw an upward trend on Thursday, as reported by FXStreet data.

The price of gold was recorded at ₹6,894.34 per gram, marking an increase compared to the ₹6,884.92 per gram on Wednesday.

Similarly, the price of gold per tola rose to ₹80,414.20 from the previous day’s ₹80,304.38.

FXStreet calculates the gold prices in India by adjusting international rates (USD/INR) to the local currency and units of measurement. These prices are updated daily based on market rates available at the time of publication. It is important to note that these are reference prices, and local rates may vary slightly.

Gold has played a significant role throughout human history, being widely used as a store of value and a medium of exchange. In modern times, beyond its use for jewellery and its lustrous appearance, gold is regarded as a safe-haven asset. This means it is considered a stable investment during times of economic uncertainty. Additionally, gold is seen as a hedge against inflation and currency devaluation, as its value is not dependent on any single issuer or government.

Central banks are among the largest holders of gold. In their efforts to support their currencies during turbulent times, central banks often diversify their reserves by purchasing gold, which enhances the perception of economic and currency strength. Holding substantial gold reserves can instil confidence in a country’s financial stability. In 2022, central banks added 1,136 tonnes of gold, worth approximately $70 billion, to their reserves, according to data from the World Gold Council. This marks the largest annual purchase on record. Emerging economies such as China, India, and Turkey have been rapidly increasing their gold reserves.