India Gold price today: Gold steadies, according to FXStreet data
Gold prices remained broadly unchanged in India on Tuesday, according to data compiled by FXStreet.
The price for Gold stood at 9,519.12 Indian Rupees (INR) per gram, broadly stable compared with the INR 9,524.89 it cost on Monday.
The price for Gold was broadly steady at INR 111,029.40 per tola from INR 111,096.50 per tola a day earlier.
| Unit measure | Gold Price in INR |
|---|---|
| 1 Gram | 9,519.12 |
| 10 Grams | 95,191.45 |
| Tola | 111,029.40 |
| Troy Ounce | 296,073.90 |
Daily Digest Market Movers: Gold price bulls have the upper hand as September Fed rate cut bets could cap the USD
Traders ramped up their bets for rate cuts by the Federal Reserve following the release of the latest US jobs data, which pointed to a sharp deterioration in labor market conditions. According to the CME Group's FedWatch Tool, traders now see over a 90% chance that the Fed will lower borrowing costs in September.
The US Commerce Department's Census Bureau reported on Monday that Factory Orders plunged 4.8% in June following an upwardly revised 8.3% rise in the previous month. This adds to concerns about the state of the US economy amid US President Donald Trump's erratic trade policies and supports the Gold price.
Trump signed an executive order last Thursday raising tariffs on dozens of countries, ranging from 10% to 41%, that go into effect on August 7. The Trump administration said that the universal tariff will remain at 10% for countries with which the US has a trade surplus, while nations with which the US has a trade deficit face a 15% floor.
China and the US – the world's two largest economic giants – are yet to agree on a trade deal. US Treasury Secretary Scott Bessent has said that any extension of the 90-day tariff truce, which is set to expire later this month, would be up to Trump. This keeps investors on edge and could benefit the safe-haven commodity.
The US Dollar attracts some buyers and, for now, seems to have stalled the post-NFP downfall from an over one-month peak. This is holding back the XAU/USD bulls from placing fresh bets and caps the upside. Traders now look to the US ISM Services PMI for some impetus later during the North American session.
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.)