Indian Gold Prices Rise Amid Central Bank Buying Spree
Gold prices in India rose on Wednesday, according to data from FXStreet. The price of Gold increased to INR 13,394.54 per gram, up from INR 13,343.30 per gram a day earlier. In addition, the price for Gold increased to INR 156,230.40 per tola, compared with INR 155,633.60 per tola on Tuesday.
The price movements were based on FXStreet's calculation of international prices in USD/INR being adapted to local currency and measurement units. Central banks added a record amount of Gold to their reserves in 2022, purchasing 1,136 tonnes worth around $70 billion. This was the highest yearly purchase since records began.
The price of Gold can be influenced by various factors, including geopolitical instability, fears of a recession, and interest rates. A strong US Dollar tends to keep the price of Gold under control, while a weaker Dollar is likely to push prices up.