Indian Gold Prices Climb as Dollar Weakens

Gold prices in India rose on Friday, according to data compiled by FXStreet. The price of gold stood at 13,985.11 Indian Rupees (INR) per gram, up from Thursday's rate of INR 13,904.04. This represents a small increase of around 81 rupees per gram.

FXStreet also reported that the price for gold increased to INR 163,119.60 per tola from INR 162,174.00 per tola a day earlier. Central banks have been adding to their gold reserves in recent years, with 1,136 tonnes worth around $70 billion being purchased in 2022, according to the World Gold Council.

Gold is often seen as a safe-haven asset and a hedge against inflation and currency depreciation, due to its inverse correlation with the US Dollar and US Treasuries. A strong Dollar tends to keep gold prices controlled, while a weaker Dollar can push gold prices up.