Gold prices fell in India on Friday, according to data compiled by FXStreet.
The price for Gold stood at 8,032.76 Indian Rupees (INR) per gram, down compared with the INR 8,072.62 it cost on Thursday.
The price for Gold decreased to INR 93,692.55 per tola from INR 94,157.45 per tola a day earlier.
| Unit measure | Gold Price in INR |
|---|---|
| 1 Gram | 8,032.76 |
| 10 Grams | 80,327.62 |
| Tola | 93,692.55 |
| Troy Ounce | 249,847.00 |
Daily digest market movers: PCE Friday more important than ever
-
Overnight, several US officials had to issue additional statements on the current timetable for US tariffs being imposed after the US President contradicted himself multiple times on what kind of tariffs would take place, when and for which countries. The troubled communication from Trump himself cast a fog over the tariff element, triggering a steep selloff in Gold (which was the tariff safe haven until now), Bloomberg reports.
-
The main data elements for this Thursday have been released:
- The second reading of the US Gross Domestic Product (GDP) for the fourth quarter of 2024:
-
The GDP annualized came in as expected at 2.3%.
-
The headline preliminary Personal Consumption Expenditures (PCE) component came in higher at 2.4%, beating the 2.3% with the core number turning red hot at 2.7%, surpassing the 2.5%.
-
-
US Initial Jobless Claims for the week ending on February 21 cme in higher at 224,000 with specific numbers for Washington D.C. on the uprising. Clearly the DOGE effect is playing out here. The US Continuing Claims for the week ending on February 14 fell to 1.862 million, below the expected 1.870 million people and below the previous 1.869 million people.
- The second reading of the US Gross Domestic Product (GDP) for the fourth quarter of 2024:
-
At 16:00 GMT, the US Kansas Fed Manufacturing Activity Index for February will be released. No forecast is available with the previous reading at -5.
-
Five US Federal Reserve (Fed) officials are set to speak:
- At 15:00 GMT, Federal Reserve Vice Chair for Supervision Michael Barr delivers a speech on “Novel Activity Supervision” at the Bank and Fintech Arrangements TechSprint event in Washington, D.C.
-
At 16:45 GMT, Federal Reserve Governor Michelle Bowman gives a speech focusing on Community Banking at the Fort Hays State University Robbins Banking Institute Lecture Series in Hays, Kansas.
-
At 18:00 GMT, Federal Reserve Bank of Richmond President Thomas Barkin will speak about “Inflation then and now”, in Fayetteville Cumberland Economic Development, North Carolina.
- Just 15 minutes later, at 18:15 GMT, Federal Reserve Bank of Cleveland President and Chief Executive Officer Beth M. Hammack participates in the “2025 Bank Regulation Research Conference” at the Columbia University/Bank Policy Institute, New York.
-
Rounding up at 20:15 GMT Federal Reserve Bank of Philadelphia President Patrick T. Harker will discuss the economic outlook at the Lyons Economic Forecast, presented by the University of Delaware’s Center for Economic Education and Entrepreneurship, in Newark, Delaware.
-
Equities are rolling over in both Europe and the US with the US indices down less than 1% while Europe faces bigger losses near its closing bell.
-
The CME Fedwatch Tool projects a 33.0% chance that the interest rates will remain at the current range in June, with the rest showing a possible rate cut.
-
The US 10-year yield trades around 4.28%, not far from its low for this week aat 4.24%, nd again further down from last week’s high at 4.574%.
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.)
