📷 Image Credits: FXStreet
Gold prices in India continued their upward trend on Tuesday, according to data compiled by FXStreet. The price for Gold stood at 6,349.63 Indian Rupees (INR) per gram, up compared with the INR 6,332.50 it cost on Monday. The price for Gold increased to INR 74,058.93 per tola from INR 73,861.05 per tola a day earlier.
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. Gold, being a widely recognized store of value, has seen a surge in demand amidst global economic uncertainties.
Central banks across the world, including those in emerging economies like China, India, and Turkey, have been steadily increasing their gold reserves to strengthen their economies and hedge against currency depreciation. In 2022, central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves, the highest annual purchase on record.
Gold is often seen as a safe-haven asset during times of market volatility and economic instability. Its price movements are influenced by various factors such as geopolitical tensions, inflation, and the strength of the US Dollar. A weaker Dollar typically leads to an increase in the price of Gold, making it an attractive investment option.
The recent speculation that the US Federal Reserve may slash interest rates in September has further boosted the demand for Gold. Investors are closely monitoring these developments, as they could impact the dynamics of the precious metal market.
Overall, the current trend in Gold prices reflects the ongoing global economic uncertainty and the strategic decisions of central banks to bolster their reserves amidst challenging economic conditions.
