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 8,457.70 Indian Rupees (INR) per gram, up compared with the INR 8,409.01 it cost on Thursday.
The price for Gold increased to INR 98,648.94 per tola from INR 98,081.01 per tola a day earlier.
| Unit measure | Gold Price in INR |
|---|---|
| 1 Gram | 8,457.70 |
| 10 Grams | 84,576.99 |
| Tola | 98,648.94 |
| Troy Ounce | 263,064.00 |
Daily Digest Market Movers: Gold price remains well supported by worries about Trump’s tariffs
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US President Donald Trump on Wednesday announced a 25% tariff on imported cars and light trucks set to take effect on April 3, widening the global trade war and tempering investors' appetite for riskier assets.
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This comes on top of a flat 25% tariff on steel and aluminum, and Trump's impending reciprocal tariff announcement next week, which fuels uncertainty and lifts the safe-haven Gold price to a fresh record high.
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Meanwhile, the markets are now pricing in the possibility that the Federal Reserve (Fed) would lower borrowing costs again at its June policy meeting amid worries about the tariffs-driven US economic slowdown.
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The US Dollar bulls seem rather unaffected by better-than-expected US macro data released on Thursday and mostly hawkish comments from Fed officials, lending additional support to the XAU/USD pair.
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The US Bureau of Economic Analysis (BEA) reported that the US ' Gross Domestic Product (GDP) grew by 2.4% annualized pace in the fourth quarter, above the previous estimate and expected reading of 2.3%
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Adding to this, the US Department of Labor said that the number of US citizens filing new applications for unemployment insurance ticked lower to 224K compared to the previous week's revised tally of 225K.
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Richmond Fed President Tom Barkin said that the current moderately restrictive monetary policy is right for an environment with an abnormal amount of uncertainty and fast changes in US government policy.
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Adding to this, Boston Fed President Susan Collins warned that the Trump administration's aggressive trade policies will drive up US inflation, but it is unclear how persistent that upward pressure will be.
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Hence, the focus remains glued to the release of the US Personal Consumption Expenditure (PCE) Price Index, or the Fed's preferred inflation gauge, due later during the early North American session.
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Investors will scrutinize the crucial data to gauge the trajectory for further rate cuts, which will influence the USD price dynamics and provide a fresh impetus to the non-yielding yellow metal.
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.)