Gold prices rose in India on Tuesday, according to data collected by FXSTERET.
The price of gold stood at 8,308.49 Indian rupees (INR) per gram, an increase compared to 8,297.47 INR that cost Monday.
The price of gold increased to 96,908.57 INR per tola from 96,780.01 INR per tola of the previous day.
| Unit of measure | Gold Price in INR |
|---|---|
| 1 gram | 8,308,49 |
| 10 grams | 83,081.97 |
| Tola | 96,908.57 |
| Troy ounce | 258,422.60 |
What moves the market today: uncertain on the impact
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The Gold Fields firm, based in Johannesburg, said on Monday that it presented a non -binding proposal to buy the Gold Road Resources company, based in Perth, for 3.05 Australian dollars (AUD) per cash action on March 7, valuing its capital at 3.3 billion AU and implying a total company value of 2.4 billion Aud. Gold Road Board rejected the offer, reports Bloomberg.
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The actions of the Chinese metal producer Zijin Mining Group Co. rose more than 5% after the company reported a record benefit for the increase in gold and copper prices. The high global global economic and geopolitical risks, together with tariffs, are increasing uncertainty, the company said in a statement after net income increased 52% last year. The growing demand for gold -listed funds (ETFs), as well as the purchases of central banks, will boost the ingot this year, reports Reuters.
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The US tariffs that expire on April 2 are destined to be more specific than extensive, according to US officials familiar with the matter. Even so, merchants are still cautious, with officials in China and Australia warning about generalized clashes in the global economy due to US trade policy, Bloomberg reports.
FXSTERET calculates gold prices in India adapting international prices (USD/INR) to the local currency and units of measure. Prices are updated daily according to market rates taken at the time of publication. Prices are only reference and local rates could diverge slightly.
FAQS GOLD
Gold has played a fundamental role in the history of mankind, since it has been widely used as a deposit of value and a half of exchange. At present, apart from its brightness and use for jewelry, precious metal is considered an active refuge, which means that it is considered a good investment in turbulent times. Gold is also considered a coverage against inflation and depreciation of currencies, since it does not depend on any specific issuer or government.
Central banks are the greatest gold holders. In their objective of supporting their currencies in turbulent times, central banks tend to diversify their reserves and buy gold to improve the perception of strength of the economy and currency. High gold reserves can be a source of trust for the solvency of a country. Central banks added 1,136 tons of gold worth 70,000 million to their reservations in 2022, according to data from the World Gold Council. It is the largest annual purchase since there are records. The central banks of emerging economies such as China, India and Türkiye are rapidly increasing their gold reserves.
Gold has a reverse correlation with the US dollar and US Treasury bonds, which are the main reserve and shelter assets. When the dollar depreciates, the price of gold tends to rise, which allows investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rebound in the stock market tends to weaken the price of gold, while mass sales in higher risk markets tend to favor precious metal.
The price of gold can move due to a wide range of factors. Geopolitical instability or fear of a deep recession can cause the price of gold to rise rapidly due to its condition of active refuge. As an asset without yield, the price of gold tends to rise when interest rates lower, while the money increases to the yellow metal. Even so, most movements depend on how the US dollar (USD) behaves, since the asset is quoted in dollars (Xau/USD). A strong dollar tends to keep the price of gold controlled, while a weakest dollar probably thrusts gold prices.
(An automation tool was used to create this publication.)
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
