India Gold Price Today: Gold Rises Per FXStreet Data

FXStreet compiled data shows that Indian gold prices edged higher on Monday, moving in tandem with short-term fluctuations in international gold prices. The latest quotes show spot gold (XAU/USD) trading at $4,638.1624 per ounce, serving as the core anchor for local Indian gold prices.

**Indian local gold prices edge up**

In local currency terms, India's 24K gold price stood at 7,439.47 Indian Rupees per gram on Monday, up from 7,418.85 Indian Rupees last Thursday. On the traditional unit basis, the price per tola of gold rose to 86,773.19 Indian Rupees. FXStreet's calculation model converts international dollar-denominated gold prices into local units based on real-time exchange rates, making its daily updates relatively responsive to global market movements.

**Safe-haven demand and central bank purchases provide underlying support**

Recent sustained market attention to safe-haven assets has provided underlying support for gold prices. According to World Gold Council data, global central banks net purchased 1,136 tonnes of gold in 2022, the highest annual level on record. Central banks in emerging markets including China, India, and Turkey are seen as the main buyers. Central bank gold purchases are interpreted by the market as a supplement to confidence in sovereign currencies, a logic particularly pronounced in traditional gold-consuming countries like India.

**Outlook focuses on dollar and U.S. Treasury yield correlation**

Gold typically has an inverse relationship with the U.S. dollar and U.S. Treasuries. In the absence of clear drivers from major risk events, traders are closely monitoring the next moves in the U.S. dollar index and U.S. Treasury yields to gauge momentum for gold to break out of its current range. Multiple institutional analyses indicate that a sustained decline in U.S. Treasury yields would help lower the opportunity cost of holding non-yielding gold, thereby boosting dollar-denominated spot gold.