India gold price today has witnessed a decline, according to the latest data from FXStreet. This blog provides a detailed analysis of the current gold prices in India, how they are calculated, and the global market factors influencing these changes. Stay informed about the latest trends and updates in the gold market.
1. Gold Prices Overview
According to FXStreet data, the price of gold in India dropped to 6,182.45 Indian Rupees (INR) per gram. This is a decrease of INR 22.48 compared to Monday’s price of INR 6,204.93 per gram. Additionally, the price per tola decreased to INR 72,110.83 from INR 72,372.97.
| Unit Measure | Gold Price in INR |
|---|---|
| 1 Gram | 6,182.45 |
| 10 Grams | 61,824.46 |
| Tola | 72,110.83 |
| Troy Ounce | 192,301.80 |
2. How FXStreet Calculates India Gold Prices
FXStreet determines India gold prices by adjusting international prices (USD/INR) to local currency and measurement units. These gold prices are updated daily based on current market rates at the time of publication. It is important to note that these prices are for reference and local rates may vary slightly.
3. Gold Market Update
3.1 Federal Reserve Rate Theory
The recent US Nonfarm Payrolls report has led to talk about that the Federal Reserve might maintain higher rates for a longer period. This has affected the Comex Gold price, reducing bets on a gold price cut in September to about 50%. Markets now anticipate only one 25 basis point cut this year, possibly in November or December.
3.2 Bond Yields and the US Dollar
The yield on the benchmark 10-year US government bond remains above 4.45%. The rate-sensitive two-year US Treasury note is close to 5.0%, which supports the US Dollar. The USD Index, which tracks the US Dollar against a basket of currencies, is near its highest level since May 14, limiting gains for the USD-denominated commodity.
4. Political and Economic Uncertainty
French President Emmanuel Macron’s call for snap elections this month has heightened political uncertainty in the Eurozone’s second-largest economy. This situation could potentially support XAU/USD. Traders are also awaiting this week’s key US macro data, including consumer inflation figures and the crucial FOMC decision on Wednesday, before making aggressive bets.
For more detailed updates on gold prices, you can visit the Daily Gold Signal and their Daily Gold Update section.
